I read that I needed Turbotax Business for filing a 1041 for trusts. Then I saw there is a Home and Business product for $119. So I purchased that thinking I can use if for personal and the trusts. It's not taking me down the right path for the trusts. The trusts earned dividends and interest, made no payments to the beneficiary, and had realized short-term and long-term losses.
These trusts are for the support of my 88 year old father. I'm the only beneficiary and will receive the remainder upon his death. Otherwise I don't take any money out of it.
Should I have bought the regular Business product?
@cirrspndstrust2199 wrote:Should I have bought the regular Business product?
Yes, you should have bought the Business product. Nongrantor trusts file Form 1041 and only TurboTax Business (and none of the personal income tax preparation products) can be used to prepare an income tax return for an entity.
@cirrspndstrust2199 wrote:Should I have bought the regular Business product?
Yes, you should have bought the Business product. Nongrantor trusts file Form 1041 and only TurboTax Business (and none of the personal income tax preparation products) can be used to prepare an income tax return for an entity.