Can I use turbotax business to file a 1041 (both Federal and Massachusetts) for a trust account and include two K-1 for income distribution to my children?

[bensonw]

Can I use turbotax business to file a 1041 for a trust account and include two K-1 for income distribution to my children?  How do I upgrade my product to TurboTax Business once I have Delux?  Can I also file a Massachusetts return the same way? Can a trustee/beneficiary submit the return or do I need the lawyer who submitted it last year and wrote the trust?

[Carl]

Yes. TurboTax Business is a physical separate product. It's for completing and filing a tax return for a non-living non-breathing separately taxable entity, such as a trust or estate. You can not use TurboTax Business to file a personal 1040 tax return of any type.

TurboTax business is only available as a desktop product. It is not available as an online product or for MACs. TurboTax Business is for the windows platform only. You don't upgrade anything to TurboTax Business. It's purchased as a completely separate product. You can get it at https://turbotax.intuit.com/small-business-taxes/ or in your local authorized retail store.

[jtax]

Just to be sure your questions are answered.

Yes you can use TT Business to prepare a trust return (1041) and issue K-1 to benes. There are state versions of the 1041 and TT business should support Mass.

While the trustee can prepare a 1041, many things are different compared to a 1040. It is VERY EASY to get things wrong. It would be easiest for a trust with simple investment income and no trust terms that complicate matters. Those might be 5/5 powers, crumey powers, allocation of capital gains differently than the normal to the trust. You might seriously consider seeking advice from your attorney for the first year anyway.