how to start a form 1041 in Business version

Forum|Forum|2 years ago
February 18, 2024
2 replies
0 views

Hello,

I can't seem to find form 1041 and Turbo Tax never prompts me for the question re trusts.

How can I start a 1041 and have the K-1 forms generated?

Thanks

TurboTax Home & Biz Windows

Best answer by DoninGA

The TurboTax personal Home & Business edition does not support IRS Form 1041.

To complete and file a Form 1041 you will need to purchase the TurboTax Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/

The Business Edition cannot be used to complete a personal tax return, Form 1040.

DoninGAAnswer

Employee

The TurboTax personal Home & Business edition does not support IRS Form 1041.

To complete and file a Form 1041 you will need to purchase the TurboTax Business Edition - https://turbotax.intuit.com/small-business-taxes/cd-download/

The Business Edition cannot be used to complete a personal tax return, Form 1040.

Don222Author

Thank you.

LeticiaF1

As DoninGa mentioned, you'll need TurboTax Business to file Form 1041, as the personal versions of TurboTax don't support this form. After you install TurboTax Business and begin working on your return, you'll be asked which type of return you need to prepare. Select Trust or Estate return (Form 1041) and proceed.

The program will guide you through the return and will generate the trust beneficiaries' Schedule K-1 forms, which the beneficiaries then report on their personal tax returns.

@Don222

Thomasbell101851

I am a trustee. Can I electronically file the 1041?

DawnC

Employee

Yes, Form 1041 and most of the related schedules can be electronically filed. You'll need TurboTax Business to file Forms 1041, but not every Form 1041 needs to be filed. Do I need to file Form 1041?

@Thomasbell101851

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