trust return preparation and 1041

Forum|Forum|2 years ago
January 5, 2024
7 replies
105 views

I have experience preparing personal and corporate taxes with Turbotax, and I would like to know how difficult or easy it would be to prepare trust returns for several irrevocable trusts with Turbotax for Business?

TurboTax Business Windows

Bsch4477

Level 15

Are you a paid tax preparer?

Jimbotax2Author

Level 2

No, I am not a paid tax preparer. I have two personal trusts and my wife has one trust. All irrevocable trusts, and I have had a CPA prepare the trust returns prior.

ScruffyCurmudgeon

Alumni - Champ

The "BUSINESS" product of TurboTax can prepare the Federal 1041 and where a state has a comparable return required, that is available at additional cost for each state. The single most important caveat is that the program (available only in Desktop installed software) cannot import financial transactions such as bank or credit card activity. There is an alternative that is new in TurboTax and that is the LIVE service using a professional preparer online. For info and cost:
https://turbotax.intuit.com/personal-taxes/online/live/business-taxes/

I would also say that if you really understand all the forms that have been prepared for prior years, then, with the exception of a few unusual forms, the Business product supports what you need. However, you will have to manually all prior year carry-over and basis data (basis = cost of acquisition as adjusted) However, as said, if you depend on downloading 100's of investment transactions you will be most upset at the lack of import built in to the product (3rd party add-on software may be suitable to support your needs for this purpose)

If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67. NOT INTUIT EMPLOYEE . USAR 64-67 AIS/ASA MOS 9301 - O3 . - Just donating my time. **Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.