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mkingfsu
New Member

Do I need the Turbotax Business product to file the 1099-INT form received on my Moms irrevocable trust or can I use the Deluxe version?

I purchased the Deluxe version for my own taxes but don't see an option to report the interest earned on the Trust. My brother and I are trustees for the trust. Since we haven't taken any distributions from the trust and since our Mom is still alive, I was unsure if I needed to purchase the pricey Turbotax Business version just to report the interest earned on the Trust. Would appreciate your insight. Thank you.

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Do I need the Turbotax Business product to file the 1099-INT form received on my Moms irrevocable trust or can I use the Deluxe version?

As a separate entity, a trust may (or may not) be required to report and pay tax on income whether or not distributed to beneficiaries.  A trust income tax return (Form 1041) is only available in the Business version.

See the following helpful TurboTax FAQ page on trust income tax reporting and filing requirements:
   https://ttlc.intuit.com/questions/1901403-do-i-have-to-file-a-trust-tax-return

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