Estate Tax Return File Year question

[sksorenson0109]

Person died in November 2023. I was assigned Personal Representative in Feb. 2024 for the estate. According to TurboTax, the estate began on the date of his death. We filed a final individual income tax return for him for 2023 (so all income/expenses for 2023 were included). The bulk of the income & expenses occurred in 2024. I just purchased Turbo Tax Business to complete 1041, but all the forms are for 2023. Did I just waste my money on the wrong tax year forms?

[tagteam]

See https://www.irs.gov/instructions/i1041#en_US_2023_publink1000285980

You can use TurboTax for an estate income tax return where the tax year begins in 2024 but you will have to print and mail the return since it will require manual corrections to be made to the dates on the 1041 and the K-1(s).

[tagteam]

Note that you can choose the fiscal year for the estate based on when the estate first receives income or incurs expenses.

[sksorenson0109]

I chose January (which would be January of 2024) and ending October 2024 (short year). The questions TurboTax are asking me regarding income/expenses all state 2023.

[tagteam]

@sksorenson0109 

If your ending month is October, then you have until February to file the final return for the estate.

See https://www.irs.gov/instructions/i1041#en_US_2023_publink1000285977

As a result, you could get a refund for the 2023 software and buy the 2024 program when it is released later this month or next month.

[sksorenson0109]

Thank you for that information. According to the WI courts, I need to have the estate completed by 2/12/25. How do I go about getting a refund for the 2023 TurboTax Business? Since I didn't see it mentioned that the forms would be for 2023, how do I know when 2024 is ready for me to purchase?

[tagteam]

If you purchased the 2023 software from Intuit, then you have to contact Support for a refund.

See What is the TurboTax phone number? (intuit.com)

[tagteam]

You can continue to check the Intuit site (for TurboTax Business) or Amazon re the 2024 edition of TurboTax Business.

Typically the download will be available at or near the end of October or beginning of November.

[sksorenson0109]

Is there a way to receive an email when the 2024 TurboTax for Business is available? 

[tagteam]

You could sign up for TurboTax Advantage.

https://turbotax.intuit.com/personal-taxes/cd-download/advantage

[sksorenson0109]

The online version to request a refund (credit) for the wrong product is very cumbersome to use. Instead, I had to request someone to call me. They were very helpful in getting me a refund. I never did receive confirmation that the refund request was in process, but I did receive an email that my account had been credited within 2 days (very quick). Also, she told me that the 2024 version wouldn't be available until mid to late November.