TurboTax for retirees

[grizzie17]

Okay... I know this is not the right place, but...

I officially request a new edition of TurboTax.  TurboTax for Business has way too much stuff for retirees to worry about.  All we want is to create our 1041 and import retirement funds.  Nice and simple.

As it is right now, we have to purchase two editions of TurboTax.  The only reason that we are purchasing Business is the 1041 form.

Come on TurboTax folks, make it easier for us on fixed incomes, and limited computing resources.

[Mike9241]

most likely the Trust holding the retirement funds is what the IRS would refer to as a grantor trust. You/your spouse are both/either the trustees and/or beneficiaries of the Trust (not the retirement accounts themselves) You obtained an EIN for the trust (which was not required) and registered the retirement accounts under the EIN.  This is why a 1041 is required.  Had you not obtained an EIN but used your SSNs for the trust the 1099-R would have been issued using your SSNs. With your SSN(s)  on the 1099-Rs, they would be reported directly on your 1040 return.  No 1041.  Either continue filing the 1041s or contact the retirement a/c trustee to see if anything can be done about getting the 1099-Rs issued using your SSNs. It's unlikely Turbotax will create a version just for retirees because not all have as the same situation as you have.  Likely they would see it as costing more to produce and support then the revenues derived from it.  

[grizzie17]

Just to make sure that you have the right information.  If you are dealing with an irrevocable trust you are required to file the 1041.

I have found that TaxAct offers exactly what I want.  I'm moving to them and have informed my investment cohorts of the same.

[tagteam]

See https://www.irs.gov/instructions/i1041#en_US_2023_publink1000286018

If you have a grantor trust, you have filing options.