1041 and current TurboTax Business version

[Peat]

My question is very narrow: whether or not I can use the current (2020) version of TurboTax Business to do a 1041 (and K-1s) in mid 2021, or if I need to wait until 2021 for the next version.

A relative passed away in 2021 and assets transitioned into an irrevocable Trust.  I am the Trustee, and will have all assets distributed within a few months.  I will have all basis info (cost basis, income, etc) to close this out by mid 2021.  I'm a long-time personal TurboTax user and plan to purchase the required Business version to do 1041 and K-1s.

Can I buy/download the existing Business version and get this done for the Trust sooner than later, or will I need to wait until the next version comes out for 2021?

To be clear here, I am NOT asking about the relative's personal taxes from before the date of death.

[Anonymous_]

The 2020 version of TurboTax Business, obviously, contains the 2020 version of Form 1041.

You can use the 2020 version of Form 1041 for a tax year beginning in 2021 if:

1. The estate or trust has a tax year of less than 12 months that begins and ends in 2021, and

2. The 2021 Form 1041 isn't available by the time the estate or trust is required to file its tax return. However, the estate or trust must show its 2021 tax year on the 2020 Form 1041 and incorporate any tax law changes that are effective for tax years beginning after 2020.

In short, you can use the 2020 version of TurboTax Business but you will essentially have to print and mail the return, the reason being you will have to make manual entries on the forms and schedules, primarily to change the dates.

[Peat]

I see what you quoted in the official 1041 instruction PDF from the IRS.  Thanks!