I am using TurboTax Business for an Estate to file a Form 1041. I have used the 1099-B summary input due to the number of transactions included in one 1099-B. The instructions say that I will need to attach the Financial Institution's statement to the 1041 when filed. As I would like file it electronically, will TurboTax provide instructions in the e-filing process regarding how to attach the financial statement?
No, TurboTax Business does not support attachments with the exception of Form 8453 for electronic filing.
You will have to mail the 1099-B to the IRS.
A follow-up question. Does that mean I cannot e-file the 1041?
You can certainly e-file your 1041 but you will have to mail the statement (1099-B) and transmittal form to the IRS.
Why does Turbo Business not list mailing the 1099B as part of it's filing instructions? I e-filed by 1041 for a trust and my filing instructions only say to mail in the payment with with voucher. It says nothing about mailing in the 1099B for the summary income input. Seems like a bug?
If the transactions are all covered transactions (i.e., cost basis reported to the IRS), then you don't need to mail the 1099-B.
They were reported to the IRS but also had W wash code adjustments and the 8949 specifically says on the the filled out form " Financial institution See Attached stmt" about the summary of proceeds. My understanding is if you have a code adjustment, the 1099 B needs to be attached.