TurboTax Products

Forum|Forum|2 years ago
February 26, 2024
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I have a trust for my investments under a separate EIN. Can I use Home & Business version or do I need Premier and Business Turbotax?

Best answer by Anonymous_

The dividends, interest, gains/losses, are entered into the TurboTax Business program and, typically, a Schedule K-1 is generated for each beneficiary to input in their individual income tax return.

In order to enter a K-1 in a TurboTax personal tax preparation program, you need TurboTax Premium if you want to use an online version of TurboTax. Otherwise, you can use any desktop version of TurboTax.

State returns for TurboTax Business are purchased from within the program itself and incur an additional charge.

As an aside, TurboTax Business only supports business returns (such as a 1041 for a trust or 1065 for a partnership); it does not support the preparation of individual income tax returns (e.g., 1040). Also, TurboTax Home & Business does not support business returns, only personal tax returns (1040).

CatinaT1

You will need TurboTax Business to file a 1041.

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URSpiderAuthor

Do all of the investment dividends and gains and losses go into the Business application? If so does the information e.g. net investment income transfer to the personal Turbotax application? Do I need the premier Turbotax for that or will Deluxe do it? Other than that, will the Turbotax Home and Business product do everything? One last question, what about the state level tax returns? Are they included?

Anonymous_Answer

Employee

The dividends, interest, gains/losses, are entered into the TurboTax Business program and, typically, a Schedule K-1 is generated for each beneficiary to input in their individual income tax return.

State returns for TurboTax Business are purchased from within the program itself and incur an additional charge.