Grantor irrevocable Trust with EIN for 2023 tax and personal Tax

[fpatel]

I have Personal and business Turbo tax soft wear and I did my NY state and IRS tax and since I was not able to include my Trust Tax with mt personal tax I filled it separately and now NY state want me to amended 2023 personal Tax which include trust..How do I do this using my personal & business soft wear. Please let me know where in turbo-tax I can fine this. I did not hear from IRS so that is another problem to resolve when I am notified.

[VolvoGirl]

How did you file the Trust return?  Was it a 1041 return?  Did you get a Schedule K-1 from the Trust return to file in your personal return?  You need to amend both federal and state to add it.  

[VolvoGirl]

To Amend in the Desktop program....

If you don't see a button for Need to Amend a Filed Return? on your home screen then you can get to it here. Go to:
Federal Taxes -or- Personal (for H&B)
Other Tax Situations
last section, Other Tax Forms
Amend A Return - Click the Start or Update button

But first you need to check the filing status inside the program so it knows it was filed and accepted.  Open your return and go up to the top black menu bar first item

File > Electronic Filing > Check Electronic Filing Status

Then save your return and close it.  Close the program and reopen it.  

[fpatel]

My NY and IRS 2023 tax both accepted. since I could not fine form 1041 for Trust tax I used TAX ACT soft wear to file my Grantor Irrevocable trust. My question is where in TurboTax pers & business I fine trust tax forms for NY and IRs. I went to TAX ACT because when I called TurboTax they told me that I have to file trust Tax separatory and I cannot use my TurboTax soft wear. Now I need to file Trust and personal tax amended using TurboTax and I am stuck. I do not owe tax  my taxes all paid but I need to refile it. Please help me  how I can do it with my Turbo tax soft wear. Thanks

[fpatel]

I filled tust tax using Tax act and form 1041.No I did not get K-1  My investment is in trust and I get 1099 and this is my first Tust tax for trust created in 2023.I I filled separately for IRS and NY state i paid the owe tax  but NY sent me the refund and I need to emendate my personal 2023 tax with Trust  Appreciate if you can help me in how to use Turbo tax to refile 2023 tax. Thanks

[VolvoGirl]

The only thing to add to your personal return about the trust is if you got a K-1 from the trust return.  Maybe you did the trust return wrong.  

You can use Turbo Tax to do trust returns.  But you had  to buy the separate Turbo Tax Business program.  You need the Turbo Tax Business Desktop program.  It  is a separate program from Home & Business.  It is not available to do online or on a Mac.  And it will not do your personal 1040 return.  You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

You can buy the Window's version here…..

TurboTax® Business Desktop 2023-2024 | Tax Software Download

[Critter-3]

If you filed the trust on a form 1041 and paid taxes at the trust level then you would not have a K-1 form to add to the personal return ... is that what you did?   If so did you file the state return for the trust ?  If you did not then file the state return asap. 

[Mike9241]

did you file a grantor trust return (form 1041) that says on page 1 it's a grantor trust or did you go the other route by creating a k-1.

the first method requires you to enter the info from the grantor trust letter (the trust is a disregarded entity) as if the income and deductions were earned directly by you or paid directly by you. The second method requires you to enter the k-1 info.

you'll have to amend your 1040 along with the NY returns. you may even have to amend the 1041 if you filed as a true trust when it is a grantor trust.  Is grantor type trust on page 1 of the 1041 checked.