What version of TurboTax do I need to process an irrevocable trust.

Forum|Forum|7 years ago
June 6, 2019
2 replies
30 views

Regarding tax return for an irrevocable trust, which version of Turbo Tax should I use?

TurboTax Deluxe iOS

PopeyeTheSalior

Level 13

You cannot prepare a Form 1041 Estate and Trust return by using any of the TurboTax online personal tax editions including Free Edition, Deluxe, Premier and Self-Employed. You will need to purchase a separate TurboTax Business product to do so.

TurboTax Business is a separate TurboTax product line for customers to file S Corp, C Corp, partnerships, estates, trusts and multi-member LLC. It is not part of the TurboTax personal taxes editions.

-To purchase TurboTax Business edition, see

https://turbotax.intuit.com/small-business-taxes/

Teddytax4me

Level 2

Do I have to complete a 1041 tax form regarding an irrevocable grantors trust

Anonymous

are you sure that irrevocable trust is such for income tax purposes? who is the grantor? who is the trustee? many taxpayers are not familiar with the IRC rules regarding grantor trusts. Thus what they think are irrevocable trusts the IRS would say are grantor trusts. there are about 10 factors the IRS considers. since we can't see the trust agreement we have no way of knowing if it is or isn't. ask the lawyer who drew it up.