Download1099 information from Merrill Lynch Form 1041 in Turbotax Buisness - Estate?

Forum|Forum|4 years ago
December 16, 2021
20 replies
117 views

I am doing my mother's estate income tax. Her portfolio was liquidated, thus there a lot of transactions. I do this easily in TurboTax Premier. I don't see how to do it for the estate.

TurboTax Business Windows

Anonymous_

Level 15

@pierceMD wrote:

I am doing my mother's estate income tax. Her portfolio was liquidated, thus there a lot of transactions. I do this easily in TurboTax Premier. I don't see how to do it for the estate.

TurboTax Business does not support downloading (importing) 1099 information from brokerage firms as do the individual income tax preparation products, such as TurboTax Premier.

VolvoGirl

Level 15

And even if you could import, it is too early for 2021 and too late for 2020.

pierceMDAuthor

Level 2

I'm filing an extension. Whether, They are downloaded or done by hand I still have to wait for them to be generated. ML will not generate them for a fiscal year. It's an estate account, but they don't seem to understand the IRS requirements.

TurboTax doesn't seem to understand that estates liquidate stocks. The down load module from personal taxes could be put into the product. It's the only part of this filing that is overwhelming. Had I known I would not have purchased it.

Anonymous_

Level 15

@pierceMD wrote:

The down load module from personal taxes could be put into the product.

The attachment process could be improved easily, but it has not been despite numerous suggestions.

I believe the issue with downloading might be the fact that the product can be used to prepare different types of returns from estates/trusts to corporations to partnerships.