topic First Time Filer of Form 1041 for Complex Trust in Get your taxes done using TurboTax

First Time Filer of Form 1041 for Complex Trust

billysboutin — Wed, 17 Mar 2021 22:28:47 GMT

My mother's Tax Preparer has retired and I have taken over filing her taxes. Last year she filed a form 1041 as a Trustee for a complex trust. Can a non-CPA like myself file this form? I am not the Trustee of the complex trust and am not an accountant nor a lawyer.

Re: First Time Filer of Form 1041 for Complex Trust

Anonymous_ — Wed, 17 Mar 2021 22:49:10 GMT

You can make an attempt with TurboTax Business (see link immediately below).

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

However, if you have absolutely no experience with income taxation for entities, particularly pass-through entities such as estates and trusts, you are better off using a tax professional in your area.

See https://taxexperts.naea.org/listing/results.php?&categories=3

Re: First Time Filer of Form 1041 for Complex Trust

RayW7 — Wed, 17 Mar 2021 22:52:14 GMT

Form 1041 can be complex and you would need to make that decision. However, TurboTax Business would be able to file 1041 and like all their products it will walk you through step by step.

You'll need TurboTax Business to file Form 1041, as the personal versions of TurboTax don't support this form.

TurboTax Business is available for Windows on CD or as a download. It's not available for Mac or in our online versions of TurboTax.

After you install TurboTax Business and begin working on your return, you'll be asked which type of return you need to prepare. Select Trust or Estate return (Form 1041) and proceed.

Related Information:

Re: First Time Filer of Form 1041 for Complex Trust

Anonymous_ — Wed, 17 Mar 2021 23:20:30 GMT

@RayW7 wrote:

Form 1041 can be complex and you would need to make that decision. However, TurboTax Business would be able to file 1041 and like all their products it will walk you through step by step.

Yes, the program walks users through Step-by-Step until something untoward (or incomprehensible to the users) occurs and then, as a result, users post here and express their frustration with the product (which is actually nothing more than a manifestation of their lack of knowledge).

In those instances where users have been using tax professionals for years, as is the case here, they are almost always better advised to continue using a tax professional, particularly if they have no desire to dedicate the time necessary to bring themselves up to speed on the subject matter.