TurboTax Premier Form 1041 Schedule K-1

[DarleneH]

A few weeks ago I entered question regarding what version(s) of TurboTax 1041 Schedule K-1.  Phone Support informed me both Premier & Business do.  Since I don't own my own business and don't want to file as business or using TT Business; the rep on the phone contacted her support person and he indicated  Form 1041 Schedule K-1 was included in the Premier package so I purchased it.  I cannot find this form in the package and ask for help locating it and so I can complete and submit.

[VolvoGirl]

Did you get a K-1 to enter into your personal return or do you need to prepare the 1041 and K-1?

To enter a K-1 go to

Federal Taxes Tab or Personal (Home & Business version)

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

Enter each k-1 separately.

[VolvoGirl]

If you really need to prepare the K-1, you do need Turbo Tax Business.

The small business program (TT Business) is for 1120 Corporation, 1120S Corp, 1065 Partnership or 1041 Estate/Trust returns and will not do your personal 1040 return.   It  is a separate program from the Desktop Home & Business program or the Online Self Employed version.

Turbo Tax Business  is not available to do online or on a Mac.  You can buy the Window's version here.  And you can have both TT Business and TT Home & Business (or any personal version) installed on  your computer at the same time.

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

Desktop Windows System Requirements

https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-...

[DarleneH]

Okay.  So what you are telling me is your support team gave me the incorrect information.  That the Premier version of TT does not include the form they told me it did?  If it's true this is ridiculous.  Your Team was incorrect and no happiness here.  This K-1 has nothing to do with Business it has to do with Fiduciary Form.

[DarleneH]

It is a Form 1041as in the subject line.  Since my taxes are complete, everything except the form how do I upgrade?  : - o    

[VolvoGirl]

Yes you can enter a K-1 into Premier.   You didn't answer my first question.   Did you get a K-1 or need to prepare it?

You CAN create a K-1 using the Business program.   The Business program does prepare Fiduciary 1041 returns.

[DarleneH]

Yes I have a Fiduciary Form 1041 Schedule K-1 with data to transfer to my desktop version of TT Premier.  That is if I can locate this form.

[DarleneH]

I'm really having a difficult time with your reply, which contradicts itself.  You are indicating the 1041 Fiduciary cannot be entered using Premier.  Correct??????

"Yes you can enter a K-1 into Premier.   You didn't answer my first question.   Did you get a K-1 or need to prepare it?

You CAN create a K-1 using the Business program.   The Business program does prepare Fiduciary 1041 returns."

[VolvoGirl]

You CAN enter the K-1 into Premier.    That is different than if you need to file the whole 1041 Trust return.

Did you buy Premier as the Desktop program or use the Online version?  Did you try following my steps?

Click on the Federal Taxes Tab

Wages and Income

Then scroll way down to Business items

Schedules K-1, Q - Click the Start or Update button

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S

[VolvoGirl]

Ok I see they changed the wording a little bit.  Scroll down to S-Corp, Partnerships and Trusts.  Here's a screen shot from the Online Premier version

[DarleneH]

This is crazy.  The form I need to enter is Schedule K-1 Form 1041 with US Income Tax Return for Estates and Trust.  I don't see any other kind of form like this in Premier.  : - o

[DarleneH]

Please how do I get to side bar? 

[VolvoGirl]

What does your Premier look like?  Do the menus go down the left side or do you have the menu items going across the top?  Like on a Blue line for Windows?  

[DarleneH]

Indicated earlier that I am using Premier Desktop version.

Need to enter Form 1041 Schedule K-1 for Estates & Trusts.

Do I need to upgrade to Business to get this done?

If so, when I upgrade will all of the entries transfer seamlessly to the Business version.

[VolvoGirl]

You need to add the K-1 to your personal return you finished, right?  Open your tax return.  

If you have the Desktop program then the tabs go across the top.  Click on Federal, then Wages and Income.   Choose I'll choose what I work on
Then scroll way down to Business Investment and Estate/Trust Income or maybe it now says

S-Corps, Partnerships and Trusts
Schedule K-1 - Click the Start or Update button