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New Member
posted May 2, 2023 10:19:37 AM

I have a trust

i was under the impression i needed to do my trust taxes first, then personal.  i didn't get that option with this software.

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1 Best answer
Level 15
May 2, 2023 10:22:58 AM

You have to use TurboTax Business in order to prepare and file Form 1041 (with associated K-1s) for a trust.

 

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

 

However, if your trust is a grantor trust (which is disregarded for federal income tax purposes), you can report using one of the optional methods which do not require filing a 1041.

 

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286020

3 Replies
Level 15
May 2, 2023 10:22:58 AM

You have to use TurboTax Business in order to prepare and file Form 1041 (with associated K-1s) for a trust.

 

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

 

However, if your trust is a grantor trust (which is disregarded for federal income tax purposes), you can report using one of the optional methods which do not require filing a 1041.

 

See https://www.irs.gov/instructions/i1041#en_US_2022_publink1000286020

New Member
May 2, 2023 10:33:47 AM

i thought i read the premier edition would cover that stuff.

Level 15
May 2, 2023 10:39:11 AM

Generally, if this is a grantor trust (aka revocable living trust) where you are treated as the owner of the assets therein, you can report any income and expenses on your personal tax return (Form 1040).

 

Does the trust have its own tax ID number (EIN)?