topic Re: Trust return in Get your taxes done using TurboTax

Trust return

Bob S1 — Wed, 13 Jan 2021 18:13:23 GMT

I have Turbotax Home & Business. How can I start a return for a Trust (form 1041)?

Re: Trust return

Anonymous_ — Wed, 13 Jan 2021 19:33:24 GMT

You need TurboTax Business (link below) to prepare a 1041 for a trust; this product is different than Home & Business which can only be used to prepare individual income tax returns (e.g., Form 1040).

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

Re: Trust return

oldcheme — Thu, 03 Mar 2022 14:25:15 GMT

This product is $170 to report trust income of $68. I think I'll pass.

Re: Trust return

DianeW777 — Thu, 03 Mar 2022 14:38:14 GMT

You may not be required to file. A trust or estate return is not required if the gross taxable income is less than $600. If this is the situation for your trust return you do not have to file it for 2021.

IRS Filing the Estate Return

@oldcheme

Re: Trust return

Anonymous_ — Thu, 03 Mar 2022 14:53:01 GMT

A trust is required to file a 1041 if the trust has gross income of $600 or more or any taxable income.

Regardless, trusts receive an exemption of either $100 or $300 so, clearly, either one will absorb the small amount of income that the trust received.