How do I make TurboTax Home & Business guide me through a 1041 for a complex trust

6 replies
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I bought Home & Business because the TurboTax site and call-in support told me that's the version I need to file a 1041 and IL-1041, and create a K-1 and K-1-T.

I can not figure out how to tell the program to shift out of Personal taxes mode and into guiding me through the Trust documents.

TurboTax Home & Biz Windows

DoninGAAnswer

Level 15

@b-e88 See this TurboTax support FAQ for a refund of the purchased software - https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-refunds/request-refund-turbotax-product/L834M6uyW_US_en_US

VolvoGirl

Level 15

Sorry you misunderstood or they told you wrong. Home & Business is only for personal 1040 returns that need Schedule C for self employment.

You will need Turbo Tax Business for Windows. It is not available to do online or on a Mac. And it will not do your personal 1040 return. You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

You can buy the Window's Business program here…..

TurboTax® Business Desktop 2023-2024 | Tax Software Download

DawnC

Employee Tax Expert

You need TurboTax Business to prepare a tax return for a trust. Home & Business is only for personal tax returns - the Business in Home & Business is referring to Schedule C for self-employed taxpayers. Trusts, Estates, S-Corps, C-Corps, and Partnerships require the use of 2 products - TurboTax Business + a personal product for your personal tax return. TurboTax Business will create the K-1s that get reported on the personal tax return.

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b-e88Author

Level 2

That's very discouraging. I was very clear on the call with the TurboTax support individual what I was trying to accomplish and was told Home & Business would fit my needs. I even questioned the lack of the 1041 form on the site and they assured me it was included.

There is no returning downloaded software. Money waisted.

b-e88Author

Level 2

I just found the refund site (https://ttlc.intuit.com/turbotax-support/en-us/help-article/intuit-refunds/request-refund-turbotax-product/L834M6uyW_US_en_US). Looks like I may only lose the sales tax paid.

DoninGA

Level 15

Have no idea who you spoke with, but they are mistaken. You cannot complete a Form 1041 for Estates and Trusts using the TurboTax Home & Business edition. The Home & Business edition can only be used for a personal tax return, Form 1040 and it can also accept a Schedule K-1 from the Trust.

Go to this TurboTax website for the Business Edition which has to be used to complete and file a Form 1031 and used to create a Schedule K-1 - https://turbotax.intuit.com/small-business-taxes/cd-download/

The Business Edition for desktop computer can only be installed on a Windows based personal computer.