2891141
My MIL has an Irrevocable Trust, my husband & SIL are trustees but SIL files as the fiduciary. They are both given a small amount to handle all trust issues. I'm using TurboTax Business to file again this year but when going through to make sure I have everything I saw that last year I filed a 1096, which then gave them each a 1099-NEC to file w/their taxes. This year however I can't find the 1096 to fill out & TT isn't creating a 1099, just a K-1. Can the Business program create the 1099-NEC or do I need to do it online? & if I do it online how does the trust submit the notice that it paid out an amount to each of them? Could I be putting the information in wrong? Do they both need to be beneficiaries?
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Yes, you may prepare 1099's using Quick Employer Forms from TurboTax Business. To do this, start TurboTax without opening a tax file. Look for "Prepare Employee & Contractor Paperwork" at the bottom. Click the blue button to begin. You have the option to file online or on your computer. Form 1096 will also be e-filed with the 1099's for you.
Read more about Quick Employer Forms here.
Quick Employer Forms is separate from TurboTax, so you will need to enter the contractor expenses directly into the relevant business expense topic in TurboTax Business.
Thank you so much!!
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