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Returning Member
posted Feb 27, 2023 9:43:25 AM

I am the fiduciary for a trust and need to generate a K-1 for myself. How do I do this? Which Turbo Tax do I need?

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5 Replies
Level 15
Feb 27, 2023 9:46:20 AM

You will need the TurboTax Business Edition to file the Form 1041 Trust tax return and to generate a Schedule K-1

 

TurboTax Business Edition - https://turbotax.intuit.com/small-business-taxes/

 

The Business Edition can only be installed on a Windows based personal computer, not online or on a Mac.  The Business Edition cannot be used to complete a personal tax return, Form 1040.

Returning Member
Feb 27, 2023 12:53:06 PM

I had my accountant (at the time) file a trust tax return (a few years ago), and the estate didn't have any income in 2022. Is there a way to generate a K-1 without having to file a tax return?

Expert Alumni
Feb 27, 2023 1:25:00 PM

No, Schedule K-1 is part of the 1041 trust return and can't be created by itself. If the trust is not required to file a return, the Schedule K-1 is not required either. 

Returning Member
Feb 27, 2023 1:38:04 PM

But I received taxable income from the trust that needs to be declared on my taxes. Thoughts on my next steps?

Expert Alumni
Feb 27, 2023 8:19:13 PM

The trust would have to report the income on a trust tax return. You would then get a schedule K-1  from the trust tax return to report the income on your personal tax return.