Trust return setup

[kloasis]

basic question... using the business turbotax, how do i setup a trust return (form 1041, plus schedules a,b,d). If i select new return, turbotax asks personal questions and sets up another individual return for myself. Not what i want.

I want to set it up w/myself as trustee and import the 1099. This is a separate return from my individual return. Can anyone help? Tried calling but the nice gentleman had no idea.

[Anonymous_]

If you need to prepare and file a 1041 for a trust, you can't do that with TurboTax Home & Business.

Rather, you need TurboTax Business to prepare a 1041.

See https://turbotax.intuit.com/small-business-taxes

TurboTax Business only supports preparing business income tax returns (such as 1041s for estates and trusts) and can only be installed in a Windows environment. Further, you still need a product like TurboTax Home & Business to prepare your individual income tax return.

[kloasis]

thank you @ruby

so i would need to purchase the business software (for trust filings) plus the home & business software (for personal filings)? 

Sounds confusing... would i need to register using different email id or is it sophisticated enough to allow?

[Anonymous_]

---

@kloasis wrote:

so i would need to purchase the business software (for trust filings) plus the home & business software (for personal filings)? 

---

Yes, that is correct; TurboTax Business for the 1041 and Home & Business for your personal filing.

---

@kloasis wrote:

...would i need to register using different email id.......

---

No. One email address can be used for both products.

[MNski]

I had this same issue.  Turns out Home & Business Ttax (no 1041) is different from Business Ttax (has 1041).  Confusingly similar names -- so confusing, in fact, that Ttax customer service assured me that H&B has form 1041!  If you search forms within the software, you will see it does not (just has Schedule C etc for a home business, but no 1041).  Business Ttax is separate software and far more expensive.  I found (on the Bogleheads forum) that TaxAct has a 1041 (online only), with state versions available for about half the states.  It is reasonably priced - far less than having a CPA do the 1041.  That is likely what I will use going forward.  Best of luck to you.  

[kloasis]

Thanks for the info @MNski 

will give it a shot

[Critter-3]

@kloasis 

ALL of the personal download programs can handle all the same forms so save yourself a few $$ and use the Deluxe version if you need to file a state return and the Basic if you don't.

https://turbotax.intuit.com/personal-taxes/cd-download/

https://turbotax.intuit.com/small-business-taxes/cd-download/

[Anonymous_]

---

@MNski wrote:

I found (on the Bogleheads forum) that TaxAct has a 1041 (online only), with state versions available for about half the states.  It is reasonably priced....

---

True, but it's not much cheaper than TurboTax Business, which has been around $143 on Amazon (state additional).

TaxAct Estates & Trusts is around $125 plus an additional $55 for state (not much difference in price).

[Susieq]

You have to use Turbo Tax Business.  Turbo Tax Home and Business does not have form 1041.  

If you are using Business, can you just go to forms and pull down 1041 and start filling in info yourself.

[MNski]

re: cost of Ttax Business:  I have a Mac so I didn't look at the Windows pricing for Ttax Business.  My only options are buying a cheap old windows PC for the sole purpose of doing that one return each year, or cluttering up my Mac with a parallels-type program to run Windows on it, just for this.  Both options are expensive and time consuming, and not a one-time cost since they'd continually need updating/tweaking each year.  So using TaxAct Business online seems easy and low cost by comparison.   Turbotax needs to release a Mac version that has a 1041.  Trusts (many needing a 1041) are common these days, particularly as baby boomers age.  Turbotax should also make a better distinction between H&B and Business and what each contains for Windows vs Mac.  

[Anonymous_]

---

@MNski wrote:

......So using TaxAct Business online seems easy and low cost by comparison. 

---

I agree. If you only have a Mac, and no access to a PC, then TaxAct online is the way to go (probably the only way to go).