It sounds like I will still need to fill out a 1041 for the trust bank account that was opened and closed in 2024 but because all distributions to beneficiaries would be tax exempt thus removing any need for the K-1 notices to the beneficiary. I'm sure that would be the best case scenario for all beneficiaries.
I am wondering if someone at Turbotax Biz support would allow us to do a mock 1041 using the Biz Desktop 2024 Turbotax edition to see how to enter it in the software next year. If I could buy the 2025 Desktop Home and Business version right now, I would do it just to put this info in to see how it works out. To my knowledge the rules are the same in 2024 but may expire if a certain person / party get's elected in November.
