, 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, you should receive a Schedule K-1 with the information you need to prepare your return. You won't use Form 1041. TurboTax will ask you questions about your K-1 and fill in all the right forms for you.
Here's how to enter your Schedule K-1 information in TurboTax:
- In TurboTax, search for "K-1" (either lower case or caps with the dash), and
Select "K-1, estates and trusts" from the drop-down list.
- With the search result ("K-1, estates and trusts") showing in the search field, click Find to go to the Schedule K-1 and Schedule Q screen.
- On that screen you are asked Did you receive any Schedules K-1 or Q, as you have one, click Yes.
- On the following screens, answer the interview questions.