The dividends, interest, gains/losses, are entered into the TurboTax Business program and, typically, a Schedule K-1 is generated for each beneficiary to input in their individual income tax return.
In order to enter a K-1 in a TurboTax personal tax preparation program, you need TurboTax Premium if you want to use an online version of TurboTax. Otherwise, you can use any desktop version of TurboTax.
State returns for TurboTax Business are purchased from within the program itself and incur an additional charge.
As an aside, TurboTax Business only supports business returns (such as a 1041 for a trust or 1065 for a partnership); it does not support the preparation of individual income tax returns (e.g., 1040). Also, TurboTax Home & Business does not support business returns, only personal tax returns (1040).
