All Posts

Form 1041 can be electronically filed.  You can use TurboTax Business to prepare the return and file it electronically or by mail.   See the following link for more information:   TurboTax Desktop Business   @user17720250883 

It depends on what kind of taxes they are.  If they are your share of the real estate taxes then you deduct as an itemized deduction on Schedule A, if you itemize.  If they are transfer taxes and recording taxes are not deductible as an itemized deduction on your tax return. Instead, they added to the cost basis of your home,     Different states have different fees/taxes, and some have different names for the same fees that are charged at closing.  Other than the real estate/property taxes I don't know of any taxes charged at closing that are deductible.  Note, the property taxes are not charged at closing, rather they are an allocation between owners based on the percentage of the year they lived in the house and who paid or will pay the tax bill.

No, you cannot put two versions of 2025 desktop download on the same computer, and there is no need to do so.   Every version of desktop download (Deluxe, Premier, or Home & Business) has all of the forms and all of the schedules.    You can use that software to prepare and e-file up to five federal returns and the state returns that go with them.    If you expect to enter self-employment income or investment income, rental income, etc. you will get more help with Home & Business, but Deluxe can handle those kinds of income too.

If your questions is how do you get started to prepare your return, start here:  File your taxes with TurboTax.   If you question is how do you e-file your return, refer to the TurboTax Help article How do I e-file my tax return?

1. Yes, you do not have to report the income. I am reading the trust sold the house and is handling all the paperwork, tax requirements, etc. You received a distribution of the principal since it was sold below FMV. My concern is the sale below FMV actually creates a loss that can be passed to you. 2. The trust may issue a Schedule k-1, if there is reportable income/ loss. The trust return is not due yet so you may still receive a form in late March or April. You may want to check with the trustee to see if it is safe for you to file.

The senior deduction is automatically calculated by TurboTax based on the dates of birth you entered for each spouse.   The senior additional deduction is not included in the standard deduction but appears on line 37 of Schedule 1-A of your form 1040, with that amount flowing to line 13b of your form 1040.   In TurboTax Online, you can only view Schedule 1-A after registering and paying the TurboTax fee.   But you can preview your form 1040 and check line 13b of your form 1040 which includes the senior deduction among other deductions if applicable, such as the tip deduction, the overtime or the car loan interest deduction.   to preview your form 1040 in TurboTax Online, follow these steps:   Open your return In the left-hand column, locate Tax Tools, click on the drop-down arrow then click on Tools On the Tools Center page, click on View Tax Summary In the left-hand column, click on Preview my 1040 Your form 1040 will display. Scroll down to line 13b   and you should see the amount of this deduction included in this line.

I was going to ask what your total income was.  The answer is yes - 15% on 12k is $1800.  Increasing your tax rate on other income to cost $500 more when your total income is 230K is reasonable as well.  

There is no reason to install two different versions of the TurboTax software for the same tax year. All of the TurboTax desktop editions have the same forms, schedules and worksheets.  You only receive more help and guidance with the higher editions.   So choose which one you want to purchase and install.  You also get one free state program download and 5 free federal e-files included.  After the 5 e-files have been used further tax returns have to be printed and mailed.  There is also a $25 e-file fee for each state tax return e-filed.  This fee can be avoided by printing and mailing the state tax return.

The “senior deduction” is added automatically by the software based on the date of birth and filing status you entered into MY INFO.  You do not need to take any extra steps to enter it. (And…the new senior deduction has nothing to do with whether you are getting Social Security)   The deduction is not on the same line as your standard deduction.  It is shown separately.on line 13b.     2025 STANDARD DEDUCTION AMOUNTS SINGLE $15,750  (65 or older/legally blind + $2000) MARRIED FILING SEPARATELY $15,750  (65 or older/legally blind +1600) MARRIED FILING JOINTLY $31,500  (65 or older/legally blind + $1600) HEAD OF HOUSEHOLD $23,625 (65 or older/legally blind + $2000)     For 2025 through 2028 there is an extra  deduction amount of up to $6000 per individual 65 or older filing Single, MFJ, or HOH which is phased out for taxpayers with modified adjusted gross income over $75,000 for single filers and $150,000 for joint filers.   (The deduction phases out completely at $175.000 Single or HOH, or $250,000 joint)   The $6,000 senior deduction will be calculated on 1040 Schedule 1-A page 2 Part V Enhanced Deduction for Seniors which goes to 1040 line 13b. It is separate and in addition to the Standard Deduction or your Itemized Deductions on 1040 line 12e.  Turbo Tax automatically includes it. IRS Schedule 1-A https://www.irs.gov/pub/irs-dft/f1040s1a--dft.pdf   Need to see it? https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/preview-turbotax-online-return-filing/L77WCkvnu_US_en_US?uid=m681fkhr   If you are not getting the senior deduction it is because Your date of birth in MY INFO shows that you were not 65 by the end of 2025 Your income is too high You are filing married filing separately