, Answering FAQ'sTurboTax Employee
Form 1041 is generally used to report the income, gains, losses, deductions, credits, etc., from the operation of an estate or trust. An estate or trust may “pass through” any profits or losses to its beneficiary's on a Schedule K-1.
If you are a beneficiary of an estate or trust, the information you need to prepare your return is on Schedule K-1, not Form 1041. When you use TurboTax to prepare your taxes, we’ll ask you questions about your K-1, figure out the correct amount of income, deductions and credits to report, and fill in all the right forms for you.
If you've already gone through the step-by-step interview and want to jump directly to the entry screen for Schedule K-1, follow these steps.
- Select Federal Taxes (Personal in the Home & Business edition).
In Online TurboTax, click the bars at the upper left corner to show Federal Taxes on the selection list; enlarge the screen if needed to show the left side selection list.
- Select Wages & Income, and on the next screen, click Explore on My Own.
- Scroll down the Wages & Income screen until you see the Business Items group.
- Click on the Start/Update button to the right of the Schedules K-1, Q category.
- Follow the prompts.