How do I establish my Irrevocable TR account on business TurboTax, enter my EIN and enter my data on form 1041(and not have a personal account)?

[Anonymous_]

What are you trying to do, exactly?

Are you using TurboTax Business to prepare a 1041 for a trust? Did you install the product on your computer?

TurboTax Business is strictly designed to enable a user to prepare a return for an entity, such as a trust, and does not support the preparation or filing of a personal income tax return (Form 1040).

[jamckinnis]

Yes, I installed it on my computer and mistakenly did not indicate that this was for my IRRV TR. Now, every time I try to update my tax information, it always starts as a personal return. I even deleted the business turbotax application and all copies of my personal return, then reinstalled the business turbotax software I purchased. It still starts as a 1040 account. Do I have to purchase another copy of business turbotax software to be able to file my form 1041?

[Anonymous_]

You have the wrong product to prepare a 1041 for a trust. There is no way TurboTax Business would start a 1040 because the product does not support Form 1040 (it supports Forms 1041, 1120, 1120-S, and 1065).

You need the product available at the link below.

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

[VolvoGirl]

Exactly which version did you install? 

Turbo Tax Business  -or-  Home & Business?

Home & Business is just for personal 1040 returns that need Schedule C for self employment.   So yes you will need to use 2 separate programs.  You can have TT Business and Home&Business installed on the same computer at the same time.  

[jamckinnis]

Thank you very much.

The software disk I received must not be correct because it show the Business version in the upper left hand corner, but starts out with the 1040.

I will return it for a correct business version.

Thank you again.

Jim