Trustee for my daughters: File a Form 1041?

[chuck-lane3]

I am the trustee of two living trusts for my daughters. For the first time since their creation, these trusts each had taxable income (cap gains, mostly) in 2016. Must I file Form 1041 for each trust? And if so, how can I do it using TurboTax?

[MichaelMc · Accepted solution]

The following guidance is provided by the IRS:

"The fiduciary (or one of the joint fiduciaries) must file Form 1041 for a domestic trust taxable under section 641 that has: 

1. Any taxable income for the tax year,

2. Gross income of $600 or more (regardless of taxable income), or

3. A beneficiary who is a nonresident alien."

   Please refer to IRS 2016 Instructions for Form 1041.

   You can file a Form 1041 using TurboTax Business (Windows Only).

[chuck-lane3]

Thanks. I do not have TurboTax Business. Only TurboTax self-employed. Will that work?

[MichaelMc]

Unfortunately, no. The Form 1041 is only available in our TurboTax Business Product. The link above will take you to a purchase site.