20479
I have purchased Turbotax Business and just completed two trust returns where I am the beneficiary on both of these trusts. I live in Minnesota but the trusts were created in Florida when my parents passed and therefore are Florida trusts. Both of the trust returns are completed and my question is do I just efile them through turbotax business and the trust ID will link it to Florida. I know I don't have to file a Minnesota trust return because they are Florida trusts but when I purchased Turbotax Business it knows that I live in Minnesota. Or when the software was installed, does it ask for a state and that state (I plugged in Minnesota I imagine) affects the federal trust tax return in some way. Just want to make sure I didn't screw any thing up.
Please advise. Thanks.
Mark Zimmerman
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Hello, the answer depends on the reason for your filing these returns. If your parents died while they were legal residents of Florida AND if this tax return is being filed to report on the income that THEY earned during the year before they died, you file the returns in Florida.
But if you're filing the returns to indicate how much income YOU earned from the trusts, then you file your returns in Minnesota.
It doesn't matter where the trusts were set up. What matters is where the people who were getting earnings from the trusts were legal residents.
yeah, but.....
the trusts were in Florida because that is where the decendents lived.
if the beneficiaries received any income, that would come through on their K-1's as reported by the trust administrator
Each recipient would need to report their K-1 on their federal and state returns which may or may not be Florida or Minn
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