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Level 1
November 16, 2022
Question

Trust Tax Prep and Turbo Tax

  • November 16, 2022
  • 1 reply
  • 12 views

My mother-in-law just passed away and she had set up a couple trusts.  She had been paying a local CPA to do the tax prep for these trusts and this CPA has just retired.  I am questioning whether I can do the tax prep for these via Turbo Tax.  Can I do so with Turbo Tax CPA guidance?  At least one of these trusts have carry over capital gains losses.

    1 reply

    Level 15
    November 16, 2022

    You can use TurboTax Business to prepare returns (Form 1041) for the trusts. 

     

    See https://turbotax.intuit.com/small-business-taxes

     

    Note that TurboTax Business must be installed and run in a Windows environment as there is no online or Mac version.

     

    I would recommend that you consult a local tax professional, regardless.

     

    See https://taxexperts.naea.org/listing/service/estates-gifts-trusts