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"Does Turbotax prepare returns for charitable remainder trust?"
No. There is no TurboTax product that supports Form 5227, which is the form generally used by a CRT.
"Does Turbotax prepare returns for charitable remainder trust?"
No. There is no TurboTax product that supports Form 5227, which is the form generally used by a CRT.
If I have a form 5227, where do I report the income I receive? I set up a CRT long ago and am eligible to receive a percentage of it annually.
The charitable remainder trust (CRT) is normally tax exempt so there would not be any income to add to your return. However, a CRT is fully taxable on unrelated business income (UBI). For example, a CRT that owns and operates a gas station may generate UBI. If there is UBI inside the CRT, then the CRT must pay income tax.
If there is UBI, then in addition to the form 5227 the trust would also file a 1041 with K-1s sent to donors. The form K1 is what you would use to file your personal return if there were any taxable transactions.
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