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12az_xbd
New Member

If I need to do two separate federal and state tax returns, as well as a return for an irrevocable trust, what version of Turbotax should I purchase?

 
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GeoffreyG
New Member

If I need to do two separate federal and state tax returns, as well as a return for an irrevocable trust, what version of Turbotax should I purchase?

The answer to your question is that you will actually need (2) different TurboTax products, if you wish to use TurboTax software to complete these various tax returns.

With respect to your irrevocable trust, the only product that we offer capable of doing that tax return (Form 1041) is called TurboTax business.  It is a stand-alone, desktop-based (not available in an internet version) product that runs under Microsoft Windows (not Mac).  You can read much more about it here:

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


When it comes to your personal income tax returns (Form 1040), you have many more options from which to choose.  We have both desktop-based and web-based software versions, as well as programs that run under both Microsoft Windows and the Apple Mac operating system.  You can read more about those choices here, at the following links:

https://turbotax.intuit.com/personal-taxes/online/

https://turbotax.intuit.com/personal-taxes/cd-download/


As a general observation, however, if you are planning to prepare more than one federal tax return, and at least one state to go with each federal return, you will end up paying less, overall, if you go with a desktop version of TurboTax.  The reason for that is with TurboTax desktop, you only have to pay once for the federal program (which comes with one free state program download).  You can then use the software to complete multiple tax returns.  When using TurboTax online, each federal tax return needs its own separate account, and so the fees are cumulative.

Another point to make is that, if one or both of the personal federal tax returns is a recipient of trust income (and thus will have a Schedule K-1 to input), you will want either TurboTax Premier or TurboTax Home & Business (which is a different product than Business, despite the similar-sounding name).  The reason there is that Premier or Home & Business are designed to handle the data-input from a Schedule K-1, with a dedicated user interview.

If this information is not enough to help you decide which TurboTax products are most appropriate for you, then please feel free to call us and speak with a live sales agent by telephone.  You can ask for our "Shop and Buy department."  Here is a link where you can begin that (free) process to create a customer service ticket:

https://support.turbotax.intuit.com/contact/


Thank you again for your product inquiry.

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1 Reply
GeoffreyG
New Member

If I need to do two separate federal and state tax returns, as well as a return for an irrevocable trust, what version of Turbotax should I purchase?

The answer to your question is that you will actually need (2) different TurboTax products, if you wish to use TurboTax software to complete these various tax returns.

With respect to your irrevocable trust, the only product that we offer capable of doing that tax return (Form 1041) is called TurboTax business.  It is a stand-alone, desktop-based (not available in an internet version) product that runs under Microsoft Windows (not Mac).  You can read much more about it here:

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


When it comes to your personal income tax returns (Form 1040), you have many more options from which to choose.  We have both desktop-based and web-based software versions, as well as programs that run under both Microsoft Windows and the Apple Mac operating system.  You can read more about those choices here, at the following links:

https://turbotax.intuit.com/personal-taxes/online/

https://turbotax.intuit.com/personal-taxes/cd-download/


As a general observation, however, if you are planning to prepare more than one federal tax return, and at least one state to go with each federal return, you will end up paying less, overall, if you go with a desktop version of TurboTax.  The reason for that is with TurboTax desktop, you only have to pay once for the federal program (which comes with one free state program download).  You can then use the software to complete multiple tax returns.  When using TurboTax online, each federal tax return needs its own separate account, and so the fees are cumulative.

Another point to make is that, if one or both of the personal federal tax returns is a recipient of trust income (and thus will have a Schedule K-1 to input), you will want either TurboTax Premier or TurboTax Home & Business (which is a different product than Business, despite the similar-sounding name).  The reason there is that Premier or Home & Business are designed to handle the data-input from a Schedule K-1, with a dedicated user interview.

If this information is not enough to help you decide which TurboTax products are most appropriate for you, then please feel free to call us and speak with a live sales agent by telephone.  You can ask for our "Shop and Buy department."  Here is a link where you can begin that (free) process to create a customer service ticket:

https://support.turbotax.intuit.com/contact/


Thank you again for your product inquiry.

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