OK, so now I'm planning for next year's taxes. I used Premier this year, but it doesn't have forms 1041 and schedules and form 141-AZ and schedules. Do you have a product that will allow me to fill in these forms and feed into the form 1040 and AZ-140? I can't believe that with the number of living trusts out there, there must be some program that will do this job. The 1041 isn't that hard to fill out, just labor intensive. It would be nice to enter the 1099-B, 1099-int and 1099-div as I get them in the mail, reconcile them and put them into the proper forms.
TurboTax Business can be used to prepare a 1041 for a trust as well as an 141AZ.
See https://turbotax.intuit.com/small-business-taxes
Note that TurboTax Business must be installed and run in a Windows environment; there is no online or Mac version. Further, you will also need another product (such as TurboTax Premier) to prepare your personal income tax return.
So then what you are telling me is that I need to purchase one copy of TT Business and one copy of TT Premier to get the fiduciary tax returns prepared?
Yes, you need a copy of TurboTax Business to prepare your fiduciary tax returns and a copy of another TurboTax product to prepare your personal tax return.
Note that you can use any desktop (installed) version of TurboTax to prepare your personal income tax return.
Is this a grantor trust?
There are optional methods that do not require filing a 1041.
See https://www.irs.gov/instructions/i1041#en_US_2021_publink1000286018
No, it's a simple trust. I have a AB trust and I need to file a 1041 for the B trust. By the way, your "email me when someone replies" doesn't work.
If you want to use TurboTax for your 1041 and 1040, you need the two products.
Well, that's about the dumbest answer I've ever received. I don't have a small business, so I wonder if purchasing that package will do what I want it to do or is this designed for "S" corps. I am hesitant to purchase a $100 package that I don't know if it's what I need. As I said before, there are a lot of people with AB trusts where one spouse dies and the surviving spouse needs to file a 1041 and the state equivalent. You can sell it as an add on to the Premier package so those who don't need it don't have to buy it.
And BTW, I have the little box checked that says "Email me when someone replies" and that doesn't work either.
It would be nice if that could be accomplished. However due to the intricate differences between individual returns and business returns it's not a real possibility.
Business returns have different rules than individual returns. They are completely different as they should be because of the different entity structures (corporations, S corporations, partnerships, with or without LLC designations, estates & trusts). Each one of these entities have different tax law rules and requirements that are different than individual tax returns. Some have different tax rates, credits, deductions, etc.
Individual tax returns have the same rules, requirements and tax rates based on each person's tax situation.
@FoxyGrandpa wrote:
Well, that's about the dumbest answer I've ever received.
Are you under the impression that I design any, or all, of the TurboTax products?