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New Member
posted May 31, 2019 10:07:34 PM

I have 4 trusts. will tt business handle them

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1 Best answer
Level 9
May 31, 2019 10:07:36 PM

If they are living trusts, you can use whichever TurboTax personal program suits your tax situation. There is no special tax form for living trusts; the trust's income and deductions are reported on your personal tax return.

All other trusts need to file Form 1041 (U.S. Income Tax Return for Estates and Trusts), which is supported in TurboTax Business.

There are several types of trusts that require the filing of a Tax Return for Estates and Trusts (Form 1041), but some do not. You can find more details here on the ones that need to be filed and which don’t, using Form 1041 https://ttlc.intuit.com/questions/1901403

Other Related Topics:

1 Replies
Level 9
May 31, 2019 10:07:36 PM

If they are living trusts, you can use whichever TurboTax personal program suits your tax situation. There is no special tax form for living trusts; the trust's income and deductions are reported on your personal tax return.

All other trusts need to file Form 1041 (U.S. Income Tax Return for Estates and Trusts), which is supported in TurboTax Business.

There are several types of trusts that require the filing of a Tax Return for Estates and Trusts (Form 1041), but some do not. You can find more details here on the ones that need to be filed and which don’t, using Form 1041 https://ttlc.intuit.com/questions/1901403

Other Related Topics: