I am the trustee of a trust that was created in California. The settlor of the trust lived and died in California. For several years the only remaining asset in the trust was a mutual fund. Last year I sold all shares of the mutual fund and distributed everything to beneficiaries in California and Oregon. (The return I am filing now is a final return.) Last year I also moved from California to Oregon (I plan on filing Form 8822-B to show that I, the fiduciary, have a new mailing address).
Whereas in previous years TurboTax has stated that I must file a California return, after I updated my address in the software the program is now telling me I need to file an Oregon return. Is that correct?
" after I updated my address in the software the program is now telling me I need to file an Oregon return."
In terms of state residency, the 1041 module in TurboTax Business defaults to the state in which the fiduciary is located (or the state the fiduciary otherwise enters into the program) - quite a few states base residency upon where the trust is administered or the residency of the trustee.
Obviously, the program default does not always produce the correct result so you should check both states to determine if the trust has a filing requirement (see links below).
Oregon: https://secure.sos.state.or.us/oard/viewSingleRule.action?ruleVrsnRsn=20330
California: https://www.ftb.ca.gov/Archive/Professionals/Taxnews/2007/0307/0307_3.shtml
You can also check the following table for a quick overview.
https://www.actec.org/assets/1/6/Nenno_state_nongrantor_tax_survey.pdf
@hativered
This post is back up & out of Archive.....I have no answer but others might.
" after I updated my address in the software the program is now telling me I need to file an Oregon return."
In terms of state residency, the 1041 module in TurboTax Business defaults to the state in which the fiduciary is located (or the state the fiduciary otherwise enters into the program) - quite a few states base residency upon where the trust is administered or the residency of the trustee.
Obviously, the program default does not always produce the correct result so you should check both states to determine if the trust has a filing requirement (see links below).
Oregon: https://secure.sos.state.or.us/oard/viewSingleRule.action?ruleVrsnRsn=20330
California: https://www.ftb.ca.gov/Archive/Professionals/Taxnews/2007/0307/0307_3.shtml
You can also check the following table for a quick overview.
https://www.actec.org/assets/1/6/Nenno_state_nongrantor_tax_survey.pdf