Trust return

[Bob S1]

I have Turbotax Home & Business.  How can I start a return for a Trust (form 1041)?

[Anonymous_ · Accepted solution]

You need TurboTax Business (link below) to prepare a 1041 for a trust; this product is different than Home & Business which can only be used to prepare individual income tax returns (e.g., Form 1040).

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

[oldcheme]

This product is $170 to report trust income of $68. I think I'll pass.

[DianeW777]

You may not be required to file. A trust or estate return is not required if the gross taxable income is less than $600.  If this is the situation for your trust return you do not have to file it for 2021.

• IRS Filing the Estate Return

@oldcheme

[Anonymous_]

A trust is required to file a 1041 if the trust has gross income of $600 or more or any taxable income.

Regardless, trusts receive an exemption of either $100 or $300 so, clearly, either one will absorb the small amount of income that the trust received.