I have purchased TurboTax for Home and Business. How do I start a tax return for a revocable trust? Doing so is not intuitive.
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you may not need to prepare any return for a revocable trust.
if the trust has its own EIN and that's what's on the tax forms it gets, then it files a grantor trust return but no k-1 only a grantor trust letter. if the tax forms it gest are using the grantor's SSN no return is filed because under IRC Section 676, the grantor of a revocable trust is treated as the owner of the trust’s assets because they retain the power to take everything back at any time. The IRS ignores the trust as a separate entity. Income and deductions are reported directly on the grantor’s Form 1040
If you do need to file a Trust return? To prepare a 1041 return, you need to buy Turbo Tax Business Desktop program, not to be confused with the personal Home & Business version. Home & Business is just for personal returns that need schedule C for self employment. TT Business is not available to do online or on a Mac. You can buy the Windows Desktop program here,
https://turbotax.intuit.com/small-business-taxes/cd-download
I bought the Home and Business version of TurboTax for Mac, because Intuit told me that I needed the Business version. Now, I understand that the version that I purchased cannot do what I want, which is to prepare a return for a revocable trust. There is nothing better than wasting money on a product that does not do what I need.
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