Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Returning Member
posted Jan 13, 2021 10:13:23 AM

Trust return

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

0 4 1059
1 Best answer
Level 15
Jan 13, 2021 11:33:24 AM

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/

4 Replies
Level 15
Jan 13, 2021 11:33:24 AM

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/

Returning Member
Mar 3, 2022 6:25:15 AM

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

Expert Alumni
Mar 3, 2022 6:38:14 AM

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.

@oldcheme

Level 15
Mar 3, 2022 6:53:01 AM

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.