TurboTax Business does not support certain state fiduciary returns (see returns not supported at the link below). As a result, you would have to prepare the state return manually if not supported by the program.
Note that grantor trusts can take advantage of optional methods of filing.
See https://www.irs.gov/instructions/i1041#idm140366310230464
For the separate Business program you do need to buy the state separately from inside the program. The state programs might not be available yet.
Preparing state tax returns for more than one business?
When they are the same types of businesses (such as two S Corps) and file taxes in the same state, buy one product and use for all at no extra charge. Business State efile included.
When they are the same types of businesses (such as more than one LLC), but file taxes in different states, buy one product per state for $49.99. Business State efile included.
When they are different types of businesses (such as an S Corp and a partnership) and file taxes in the same state, purchase one product for each business type for $49.99 per each business type. Business State efile included.
TurboTax Business does not support certain state fiduciary returns (see returns not supported at the link below). As a result, you would have to prepare the state return manually if not supported by the program.
Note that grantor trusts can take advantage of optional methods of filing.
See https://www.irs.gov/instructions/i1041#idm140366310230464
A
grantor trust
is considered a disregarded entity for
income tax
purposes. Therefore, any taxable income or deduction earned by the
trust will
be
taxed
on the
grantor's tax
return.
I believe, I will be able to use Premier to download brokerage info directly to personal return
@yulman1657 wrote:
A
grantor trust
is considered a disregarded entity for
income tax
purposes. Therefore, any taxable income or deduction earned by the
trust will
be
taxed
on the
grantor's tax
return.
Correct, but make sure your brokerage firm uses your social security number on the account and not the EIN (TIN) of the trust (if you applied for, and have been assigned, one).