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Armilda
New Member

Estate Income Tax Return

It is July 2019 and I just realized I should have filed a 1041 for 2018 on my mother's estate before April 15, 2019.  I bought the 2018 Turbotax version TURBOTAX ONLINE PREMIER for my own taxes.  Can I use that to file a declaration of the rental income on my mother's estate?  If yes, how?  Also, the IRS doesn't have anyone to help me with this because it's not tax season.  Can Turbotax help me through this process if I need help?  Thanks, Linda

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2 Replies
Anonymous
Not applicable

Estate Income Tax Return

no you can't. what you have can only do 1040's   you need Turbo Tax Business to do 1041.  TT Business will handle rental income.  TT Buisness can only be downloaded.  there is no online version

https://turbotax.intuit.com/small-business-taxes/

   

Carl
Level 15

Estate Income Tax Return

You have to use a program called TurboTax Business, which is completely and totally separate and different from Home & Business. TurboTax Business is available for purchase at https://turbotax.intuit.com/small-business-taxes/

TurboTax Business can be used for filng a tax return for a non-living, non-breathing separately taxable entity. That is, it's for Partnerships, C-Corps, S-Corps, Trusts and Estates. TurboTax Business can not be used to file a personal tax return of any type because it does not include any version or flavor of the 1040. For you specifically it does include the 1041 needed to file a trust or estate return. The fact the estate has rental property and rental income/expenses to report is fine. The program includes all the forms needed (SCH E) for the estate to report that income and associated expenses.

Can Turbotax help me through this process if I need help?

Yes we can. But do understand that this is a public user-to-user forum. During the off season there are very few (if any) TurboTax employees that participate here. Most of the time those that do participate are not always that knowledgeable about tax law, as much as they are about program functionality and how to use it. But overall you'll find more than enough tax knowledge here from all participants in this forum.

Now, TurboTax Business is not available as an online product or for MACs or mobile devices.  It's only available for the Windows operating system and that's it.

Now, if this estate is still active in 2019, I would highly advise you seek professional help for the first filing year. Doing things wrong can be costly and the fact that the estate return is late is going to cost you already. The thing is, an estate return is completed by a legally recognized administrator and that administrator is personally responsible for things like late filing fees and the such. While the estate is liable for any taxes due, any interest, late fees, fines and penalties are paid out of the administrator's personal funds - not by the estate.  So at this point you may find professional help to be the way to go, as a CPA or Tax Attorney can help to reduce those costs significantly, if not eliminate them altogether.  But hey, there's nothing wrong with at least trying on your own to get an idea of what to expect.

 

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