Import 1099 Composite into Form 1041 for a Trust

[kbmidd]

When filling out a personal 1040, TurboTax Deluxe gave me the option of importing my various 1099's and it was easy and very straightforward. Now I am filling out a 1041 for a trust in TurboTax Business and no importing function was offered and can't find anything when I search. Really don't want to hand enter multiple entries. Anyone know if import should be an option, or am I just screwing up somehow? Thanks

[JohnWS]

My experience with a trust and TurboTax Business goes up to the 2021 tax year, and up to that point there was no option to import documents as is done in the personal versions. Check the "File" drop down menu to see if an "Import" item exists there now as in the personal desktop versions. From what you've said, I suspect this feature is not yet available.

This issue was an irritation for several years when I had to do trust returns. Given that the Business versions are more expensive, it's a major lack of functionality.

[Anonymous_]

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@kbmidd wrote:

Anyone know if import should be an option, or am I just screwing up somehow?

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There is no K-1 import functionality between TurboTax Business and the personal versions of TurboTax.

[kbmidd]

Thank you for your post. It is nice to know that I wasn't just doing something wrong. You are correct and it seems that importing documents is not available in the Business version (at least not when filling out a 1041 for a trust). I agree, it is a major lack of functionality and it was a pain to manually enter 17 separate entries. Since I only purchased the Business version to file one 1041 it does not seem worth the price of the software. I may be able to pay someone to do it for at or near the same price and I will investigate that for next year. Thanks again!

[Anonymous_]

You may be able to find a lower price (on either TurboTax Business or software from another software developer) but you will almost certainly not be able to find a tax professional to prepare and file the return for anywhere near the price of the software (it would likely be a multiple of that price).

[Mattpro]

I totally agree. Thia is a major omission in an expensive product and a feature that is available in the less expensive Deluxe version that I can not use to create trust tax return.

I have a lot of respect for TurboTax, and I'm quite level headed, but this gets me angry. Importing 1099-B info is the most important feature that causes me to purchase tax software. If I can't import I may as well go back to the much less expensive H&R Block software that I don't like for other reasons. TurboTax Business really blew it.