Way to File 1041 for Simple Trust

Question

For the first time, I'm going to have to file a Federal Form 1041 for a simple trust's taxes.  My normal online tax place (FreeTaxUSA) doesn't support that.  I see TurboTax Business for Desktop does.  But, I thought I'd ask:  does anyone know of other software (or online tax filing sites) that supports the filing of Form 1041 (and all its required schedules, forms and worksheets) for simple trusts?

isonclubikin · Answer

OK.  I don't like the reviews for TurboTax Business for Desktop on Amazon.  Now, I'm looking at TaxAct Estates & Trusts:

https://www.taxact.com/individual-taxes/online/estates-and-trusts

Does anyone have any actual experience with that?

Jim_Harman · Answer

If the CPA or another Trustee has been filing the returns for the Trust, the beneficiary may only see the K-1s.

For TurboTax Business, you do have to pay extra for state returns, there is no Federal/State bundle. TT Business is $144 on Amazon now and the State is an extra $50, which you pay to Intuit when you start filling out the state return. Rather than paying extra for e-filing, I have been printing and filing the trust returns the old fashioned way.

The user interface for TT Business has improved and is now more like the personal desktop products than in in the past, but it is still a different program and takes some getting used to.

Don't forget to include the software costs as administrative costs of the Trust; they may reduce the taxes the beneficiary pays by a little.

jacobs · Answer

On possibility is to find a CPA to create the Form 1041 for you this year — and then plan to do it on your own in the future. For a return as simple as you describe, I'd expect to pay a CPA closer to $1,000, not $2,000. Perhaps contact a few local CPA firms for a price.

I was leaning towards TT Business for this, but then I read comments where people complained it wouldn't let them e-file state taxes.

I wouldn't let that stop you. I prefer e-filing, too, but so what if you need to print the return and mail it? if TT Busienss will get you the return you need, invest the extra couple dollars in return receipt postage and be done with it. 😂