Trust Return Form 1041

[thomasp5154]

Good Morning!

I used an accountant to file a1041 form for my Trust for tax year 2023 which was the initial filing year of the Trust.  I plan to personally complete the 2024 tax year filing and have purchased TT Business to do so.  Is there a way in which I can manually enter the 2023 data into TT while completing the 2024 return so that I can have all years of the trust in TT since I plan to use it in all succeeding years?  Thank you for any detailed input.

[AnnetteB6]

You would need to purchase the 2023 version of TurboTax Business in order to use it to duplicate the return that was completed by your accountant.  

The 2024 version would only allow inputs for 2024 except for any carryovers that may apply from 2023.

If you did want to duplicate the 2023 return before starting the 2024, then the tax data file would pre-load your 2024 return.  

Here is a link to purchase the 2023 version:  TurboTax Business 2023

[thomasp5154]

Good Morning!

I thank you for the answer to my question relating to importing the 2023 Trust 1041 into Turbo Tax.  I have another quick question relating to importing brokerage and banking 1099 information into the current preparation of my 2024 Form 1041.  I do not have the importing instruction in the 2024 Business TT as normally found in Deluxe and other versions of TT. 

My search on TT came up with older comments from 2021 which indicated it was not part of the functionality.  I wanted to ensure this was correct since it is several years later and a front line CSR read to me that the 2024 Business TT product allows for importing brokerage and banking information.  I tried with some assistance from the CSR deleting and redownload the product without success.  She was not tech savvy, nor am I.  I am not sure we did this correctly since it was not there after reloading and would like to ask for a confirmation as to whether the 2024 Business should have importation as I need it from outside 3rd parties?  If it should be there, can you help me or direct me to tech services at TT or someplace else to get this delated from my programs and reloaded properly to complete the 1041return.   Thank you so very much!

Tom Porter

[M-MTax · Accepted solution]

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@thomasp5154 wrote:

My search on TT came up with older comments from 2021 which indicated it was not part of the functionality.  

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It still is not part of the functionality as of the 2024 program.

TurboTax Business does not support importing tax reporting statements, such as 1099s, into the program.

[thomasp5154]

Thank you!

That is really difficult to understand, considering TT has the functionality in the "can" for the entry level product for 1040 filing where it likely goes unused more than used.  I will have to find another product other than TT for 2025 which will save me typing the information.  Would you happen to know any other product options?

This also eliminates my e-file opportunity if I choose to add copies of my brokerage statements to provide the detail requested.  Do you see any to get around a paper filing?

Thank you so much for the confirmation, your time and expertise.  

Tom P

[M-MTax]

You might try one of the following (all of which support preparing a 1041), but I am not sure whether they support importing or attaching 1099s for the purposes of e-filing:

H&R Block Premium and Business

TaxAct (they have an estates and trusts & home bundle)