I AM THE BENEFICIARY OF A FAMILY TRUST INH IRA. I HAVE TAKEN THE RMD FOR 2017. WILL THIS BE COVERED IN THE TURBOTAX PREMIER?

[elmtree1709]

RECEIVED 1009-R FROM CHARLES SCHWAB FOR THE RMD.  WILL TURBOTAX PREMIER HELP ME TO FILE THIS 1099-R FOR THE BENEFICIARY RMD ON THE 1041 AND K-1 RETURN?

[VolvoGirl]

Do you need to prepare the 1041 and K-1?  Or enter a K-1 you received?  You can enter a 1099R into all versions including the Free Edition.  Does the 1099R have your name and ssn on it?  I don’t understand about the 1041.

[VolvoGirl]

You do need Premier to enter a K-1 you received.

[elmtree1709]

THE IRA HAS A EIN NUMBER AND I MUST TAKE THE RMD EACH YEAR.  WHAT TAX FORMS MUST BE FILED FOR THIS RMD  INH IRA DISBURSEMENT

[VolvoGirl]

You said you got a 1099R?  Is the EIN for the IRA plan/Payer?  Or for the Recipient? @dmertz

[VolvoGirl]

I see you are posting from a Mac.  Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.
<a rel="nofollow" target="_blank" href="https://turbotax.intuit.com/small-business-taxes">https://turbotax.intuit.com/small-business-taxes</...>

[elmtree1709]

THE EIN IS THE IRA.  I WAS HOPING THE  TURBO TAX PREMIER WOULD SOLVE THIS PROBLEM. YOU HAVE BEEN A GREAT HELP. I HATE TO BUY TWO PROGRAMS AND A PC COMPUTER TO FILE

[dmertz · Accepted solution]

It's the trust that receives the distribution.  If gross income to the trust is $600 or more, the distribution must be reported on Form 1041 and then this income can be passed through to trust beneficiaries on a Schedule K-1 as Distributable Net Income.

Preparing a trust income tax return (Form 1041) requires TurboTax Business (not Nome & Business).  You can then use TurboTax Premier to report the Schedule K-1 prepared by TurboTax Business.

[Onomastico]

@dmertz As of 4/2022 the TurboTax Home & Business product page, Forms section, lists 1041 and K-1. Are these limited somehow? Have the capabilities changed since your 2019 reply here? I need to file for domestic trusts (ex. Marital Trust) and apparently need to generate K-1s.

[dmertz]

TurboTax Home & Business is and always has been for individuals' tax returns only, Form 1040, not Form 1041.  It allows the input of Schedules K-1, not the generation of Schedules K-1.

TurboTax Business is the TurboTax product  that supports preparation of Form 1041 and the generation of Schedules K-1: https://turbotax.intuit.com/small-business-taxes/