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pjf3391
New Member

Ihave taxes due on investments within an irrevocable trust.

Can  Turbotax Business be used to file both my 1040 and irrevocable trust forms K1 and 1041?

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tagteam
Level 15

Ihave taxes due on investments within an irrevocable trust.

"Can  Turbotax Business be used to file both my 1040 and irrevocable trust forms K1 and 1041?"

No. In order to prepare Form 1041 for a trust, and the associated K-1(s), you would have to purchase a copy of TurboTax Business (which must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac).

However you would still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).

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tagteam
Level 15

Ihave taxes due on investments within an irrevocable trust.

"Can  Turbotax Business be used to file both my 1040 and irrevocable trust forms K1 and 1041?"

No. In order to prepare Form 1041 for a trust, and the associated K-1(s), you would have to purchase a copy of TurboTax Business (which must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac).

However you would still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).

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