I need to file a 1041 on my moms estate for a small amount. Do I do that on a separate account?

[rhondigal]

We filed a final return for her in 2016 for the year 2015 in which she passed.  I received the 1099R for the year 2016.  I was told I need to fill out a 1041 form to see the amount myself and my two brothers may need to claim on a schedule K. Do I need to start a new account with the Estates name?

[Anonymous_ · Accepted solution]

" Do I need to start a new account with the Estates name?"

First, you have to determine whether or not you need to file a 1041 for the estate. The estate needs to file an income tax return if it had income of $600 or more. See  https://www.irs.gov/instructions/i1041/ch01.html#d0e340

If you do need to file a 1041 for the estate, then you will need to apply for an EIN.

See https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-n...

Finally, in order to prepare a 1041, and associated K-1s, you will need to purchase a copy of TurboTax Business as well as a personal income tax preparation product (see note below). 

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

Note: TurboTax Business must be installed and run in a Windows environment; it is not available as an online product nor will it run natively on a Mac. Further, you still need a TurboTax personal income tax preparation product since TurboTax Business is not capable of preparing individual income tax returns (it can only prepare returns for entities).