I'm in same boat.
I have " From 1040: Individual Sch K-1 Wks-Ests and trusts " will be 'ready soon '
Not resolved as of Feb-14-2021 1:29pm EST
The government is still finishing up certain forms. Please see the FAQ provided below for IRS forms availability. If you are using TurboTax Desktop, you need to run updates. TurboTax Online should have the updates automatically. If you do that and the form still isn't available, then it has not been released at the projected time. The dates shown are projected, but not guarantees. Please let us know if this helps:
IRS forms availability table for TurboTax individual (personal) tax products
No, it's not. It's available on the IRS web page. What is going on? This is preventing me from filing.
Now it says that it is available, but I still can't do it. I've updated the software and still nothing. :(
If you are referring to Form 8960, Net Investment Inc - Indivs, Estates, Trusts, per IRS forms availability table for TurboTax individual (personal) tax products, it is available. If you are referring to Schedule K-1 Worksheet (Form 1041) - Estates and Trusts, it won't be available until 2/25/2021.
The forms may be available on the IRS website, but that has nothing to do with any tax software program. The forms are available if you are going to download from the IRS to complete it on your own.
Please let us know if this helps.
Frankly, this is more frustrating. So I can't file because TURBOTAX hasn't done what they need to do (i.e. add it to their software!!!) so I can file. The IRS has--but TurboTax has not. And because TurboTax has not, I can't file.
The missing item is listed as "Form 1040: Individual, Sch K-1 Wks-Ests and Trusts".
You mentioned the 1041 K-1, which is a different filing. 1041 is the fiduciary return and it can produce a K-1, while we are looking to input a K-1 from a 1041 to our 1040 (in my case, using TurboTax Deluxe).
Are we both talking about the same document, even though Deluxe references 1040 and you reference 1041?
The form 1041 is the tax return form for an estate or trust. Income generated by the trust or estate is reduced by fiduciary, legal, and accounting fees to come to distributable net income (DNI). This amount is then available for distribution to beneficiaries. The amount of income distributed is reported on the form 1041 K1 issued by the trust to the beneficiaries. The beneficiary then must report the income amounts reported on the 1041 K1 on their 1040 individual tax return. This is where the problem is as the ability to input the K1 for estates and trust into TurboTax is not available until 2/25.
You must upgrade to Premier if you are going to input an estate or trust form 1041 K1 into your personal tax return. The Trust 1041 tax return can not be generated in TurboTax Online is only available in TurboTax Business Desktop product.
No--I'm waiting for the Schedule K-1 WORKSHEET. See subject line 🙂
Per my subject line, I need the Schedule K-1 WORKSHEET. Not the K-1. Not the estate tax forms themselves. The WORKSHEET in order to get the # to enter onto my 1040.
Just to let you know, here is the most up to date information from the IRS (Feb 4th, 2021):
This has been an ongoing issue for so many years across the board, due to the fact that Partnership Returns are due the same date as the Individual Returns. Why the IRS has never changed this, I just do not understand. Please be patient as this is not a TurboTax delay. Thank you!!
OK, it's 2/25/21 and I'm still getting the message that this is not available. When will you release it so we can file our returns???
Today is 2/25 and the Turbo Sch K-1 Worksheet Estates and Trusts is still not available (no TurboTax update today). This form is available on IRS website -- why can't TurboTax make it available, given all the vast resources they have?
That's the 1065 K-1. We are looking for the 1041 K-1 Instructions for Schedule K-1 (Form 1041) for a Beneficiary Filing Form 1040 or 1040-SR (2020) | Internal Revenue Service (irs.gov)
The 1041 K1 is available in both Desktop and Online products. The form K1 is used to report the beneficiary's share of trust or estate distributable net income. The income will retain the same character on the beneficiary's return as the income was in the trust. If the trust or estate terminated, you can delete the K1 from TurboTax.
Hi, I just checked for update (2/25, 1:50pm PST), but there have been none today. My file in Turbo Tax says the K-1 for Estates and Trusts is "not ready" But IRS has a ready form from a few weeks ago. What is taking TurboTax so long to get this out? ... Still waiting (I'm using Deluxe Version from Costco, which worked last year for the K-1).
That might be the issue. I am using the Home and Business and its allowing me to enter the form. Here is a link to the TurboTax Forms listing. This is the online products but it indicates you need Premier to enter the Trust K1
K-1 for estates and trusts was available with Deluxe last year and is supposed to be available for this version this year (per Help-line info a few weeks ago).
This is not about the K-1--it is for the K-1 WORKSHEET that is needed in order to put the info onto a 1040 tax return. People keep confusing the two situations.
This issue is for the WORKSHEET, not the Schedule K-1 form.
Deluxe says it will be ready soon, so you clearly don't need another product.
Also I have a version of the worksheet in my forms list, but it's not ready to file and there's supposed to be an update on 2/25/2021, aka today, and none is available: Federal Individual Forms Availability (intuit.com)
I'm still waiting for this as well. Not sure where I saw that this would be available Feb-25 but thought this would be mended today.
Not fixed as of Feb-25-2021 9:25pm EST
Not fixed at 9:40pm PST 02/25/2021 either. The worksheet existed, but if you have a value on line 11A, you have to manually go into the worksheets and insert the value on Schedule 1, line 22 because it doesn't automatically populate. That was worth $1300 to me.