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MoparJoe
New Member

Trusts

I have 2 trusts for my grand kids and have to file form 1041 which I had to go to a CPA last year to do. I've always used the Deluxe and then Premier versions to do my personal taxes. Until last year I did not have to do the 1041 form.

Therefore I planned to buy the Business version because it handles 1041 form. BUT I just read something that says I can't use the Business version for personal taxes, so I would have to buy an additional version. I do not have a business and am retired.

Is this correct?

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2 Replies
Carl
Level 15

Trusts

That is correct. TurboTax Business is for doing tax returns for non-living non-breathing separately taxable entities. For example, Partnerships, C-Corps, S-Corps, Estates, and Trusts. TurboTax Business does not include the 1040 required for a personal tax return of any type  for a living, breathing person.

So you would need to purchase TurboTax Business for the 1041 Trust return. Then another version/flavor for your personal taxes. Depending on how the trust is set up, the trust return may need to be completed and filed first before any tax return of a person that benefited from the trust in the tax year. That's because the trust would issue the appropriate tax reporting document *if required* to any recipient that benefited from that trust.

There are many types of trusts, and just as many ways a trust can be set up. But while I myself have never dealt with a 1041 Trust Return, it's my understanding that TurboTax Business can handle practically all types and flavors of trusts.

Finally, note that TurboTax Business is not available as an on-line product or for MACs. It's for the Windows operating system platform only.

jtax
Level 10

Trusts

I would also add the TT Business does not hold your hand nearly as much as the 1040 TTs. By all means try it, but give yourself extra time and if you don't really understand all the issues, go back to your CPA. (And make sure it is a CPA who regularly deals with trust tax returns. It is a specialty).

 

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