Will turbo tax business be appropriate for an estate 1041 and a related trust 1041 and guide me as to what's taxable to the decedent, the trust and the beneficiaries?

[tmcdonnell]

I am the executor of an estate and trustee of a related trust.  I am trying to determine if turbo tax business is the right product to do the estate return and the trust return and if it will help me determine taxability to the decedent, beneficiaries or to the estate or trust.

[Anonymous_ · Accepted solution]

TurboTax Business is the correct TurboTax product to prepare and file a Form 1041 for an estate and/or trust.

However, you should have some rudimentary familiarity with the way in which trusts and estates function as separate taxable entities and how income, gains, deductions, credits. et al can be passed through to the beneficiaries. TurboTax Business does provide decent guidance throughout the process of preparing an estate or trust return but it works best if you possess the baseline knowledge and your return (and elections) are not overly complex.

Note that the product has a 60-day money back guarantee so if you wind up being too overwhelmed, you can always get your money back and have the return(s) prepared by a tax professional.