Trusts; 1041 return

Forum|Forum|1 year ago
March 23, 2025
2 replies
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I purchased TurboTax for Home and Business. I have a small business with simple returns.

I have been a Co-Trustee of a Trust. This month I became the Trustee as my Co-Trustee passed in January, 2025.

I find I am responsible for the 2024 1041 U.S. Income Tax Return for Estates and Trusts.

I have a 1099-B from the financial company that is managing the Trust. There is little to no tax due.

Can I use the TurboTax for Home and Business software for this Trust, or must I purchase an additional software?

Does Intuit have an appropriate Software?

I have a hard copy of the 2023 1041 for this Trust, prepared by my former Co-Trustee's CPA.

Should I expect the former CPA to send me the electronic copy of the 2023 1041 for import of relevant data?

RobertB4444

No, you'll have to use a different software to prepare a 1041. TurboTax Business.

Here's a link to that software.

You should certainly request an electronic copy of last year's return. But you can type it all in if you don't get one. A lot of the information doesn't get saved from a pdf anyway so you will probably end up typing a lot in either way.

@vicbishop1

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VolvoGirl

Employee

Sorry you will need 2 programs.

You will need Turbo Tax Business for Windows. It is not available to do online or on a Mac. And it will not do your personal 1040 return. You can have both Turbo Tax Business and a personal version (like Home & Business) installed at the same time.

You can buy the Window's Business program here…..

TurboTax® Business Desktop 2023-2024 | Tax Software Download

Here are the system requirements to install Turbo Tax for Windows…..

https://ttlc.intuit.com/community/system-requirements/help/minimum-system-requirements-for-turbotax-windows-software/00/26175