Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
L
lmhdorchestertru
February 2, 2022
Question

Should I file a separate tax return if a property was transferred into an irrevocable trust in November 2021?

  • February 2, 2022
  • 1 reply
  • 0 views
A separate tax return from the grantor's personal tax return.

1 reply

JohnB5677
JohnB5677
February 2, 2022

It depends.  You do not have to file because you made a transfer into the Irrevocable Trust.  However. the Trust must complete and file Form 1041 if the trust earned more than $600 during the tax year.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
L
lmhdorchestertruAuthor
February 2, 2022

Hi, Yes the Trust earned more than $600 during the last month of 2021.  If that is the case, which Turbotax product should I use? Thank you 

DaveF1006
DaveF1006
February 2, 2022

To report trust income, you need to purchase the Turbo Tax Business software. Please visit here for information on purchasing the software.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
TurboTax Sign In Widget
TurboTax flag icon

Unlock tailored help options in your account

Create an account
TurboTax Expert Assist
TurboTax Expert

Get answers to all your tax questions

Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

Terms & ConditionsAccessibility statement
Intuit
TurboTax Credit Karma QuickBooks MailChimp

©1997-2022 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
of Intuit Inc. Terms and conditions, features, support, pricing, and service options
subject to change without notice.

Security Certification of the TurboTax Online application has been performed by
C-Level Security.

By accessing and using this page you agree to the Terms of Use.

Accessibility

TRUSTe nResult Certified e-File C-Level Security Certification