The TurboTax Home and Business edition does not support a Form 1041 Estate and Trust tax return.
To complete a Form 1041 you would need the TurboTax Business Edition. The Business Edition can only be installed on a Windows based personal computer, not on a Mac or online. The Business Edition cannot complete a personal tax return, Form 1040. Go to this website for the Business Edition - https://turbotax.intuit.com/small-business-taxes/
Or you can use the free forms from the IRS.
IRS Form 1041 U.S. Income Tax Return for Estates and Trusts - https://www.irs.gov/pub/irs-pdf/f1041.pdf
IRS Form 1041 instructions - https://www.irs.gov/pub/irs-pdf/i1041.pdf
I have the Premier addition. Could I get the 1041 software at a minimum charge.
No. You have to buy the Business program separately.
Turbo Tax Business is not available to do online or on a Mac. You can buy the Window's version here. And you can have both TT Business and TT Home & Business (or any personal version) installed on your computer at the same time.
@sstorah wrote:
I have the Premier addition. Could I get the 1041 software at a minimum charge.
The TurboTax personal editions, such as Premier, and the TurboTax Business Edition is separate software and would be separate purchases.
TurboTax Business Edition - https://turbotax.intuit.com/small-business-taxes/
I bought the Business edition. My problem is that I received a 1099-C. It does not appear as though the Turbotax Business edition supports the income that is reported on the 1099-C.
There is no specific place to enter the Form 1099-C in TurboTax Business.
Most amounts reported on Form 1099-C represent debt that has been forgiven by a creditor. Your business has received an economic benefit from not having to repay this debt and it is considered fully taxable by the IRS.
Some qualified real property indebtedness can be excluded from income.
Assuming your business debt that has been forgiven is not excludable, you can add it under Business, Other Income, All other income.