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Get your taxes done using TurboTax
Just to be sure your questions are answered.
Yes you can use TT Business to prepare a trust return (1041) and issue K-1 to benes. There are state versions of the 1041 and TT business should support Mass.
While the trustee can prepare a 1041, many things are different compared to a 1040. It is VERY EASY to get things wrong. It would be easiest for a trust with simple investment income and no trust terms that complicate matters. Those might be 5/5 powers, crumey powers, allocation of capital gains differently than the normal to the trust. You might seriously consider seeking advice from your attorney for the first year anyway.
Yes you can use TT Business to prepare a trust return (1041) and issue K-1 to benes. There are state versions of the 1041 and TT business should support Mass.
While the trustee can prepare a 1041, many things are different compared to a 1040. It is VERY EASY to get things wrong. It would be easiest for a trust with simple investment income and no trust terms that complicate matters. Those might be 5/5 powers, crumey powers, allocation of capital gains differently than the normal to the trust. You might seriously consider seeking advice from your attorney for the first year anyway.
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‎June 1, 2019
7:43 AM