TurboTax for Trusts - No Go on Mac

[BubbaChris]

Long time TurboTax user, first year Mac user...And search didn't show me any posts with this issue.

Other than some frustrating operational differences, I had no real trouble filing our personal taxes for 2024 using TurboTax software on my Mac.

I am still filing yearly for my mother's Trust until my sister is ready to take the remainder of her share. TurboTax only covers Trusts in the Business version. However, Intuit only offers the Business version for the PC platform. They appear to have an online option for Mac, which would cost $60+ more than the PC download option (with seasonal discounts).

This is the second big disappointment I've had with TurboTax for Business this year. First I bought it on Amazon 3-days before a discount took place, and they won't do price adjustments on downloadable software. And now this...

Luckily I haven't broken down my Dell tower PC yet, so I can get through this year OK. I'm worried about what happens next year.

Kind regards,
Chris

 

[38Chevy454]

I haven't used TT Business, but I do use H&R Block Business to do trust return (on a PC). The HRB business is not very good software, kind of clunky and much less user friendly than the personal version. The HRB personal is very easy and quite similar to TT which I used for many years on personal.

Doesn't really help your problem, but if you were considering to go with HRB business, I am not sure that is much better.

 

[BubbaChris]

I haven't used TT Business, but I do use H&R Block Business to do trust return (on a PC). The HRB business is not very good software, kind of clunky and much less user friendly than the personal version. The HRB personal is very easy and quite similar to TT which I used for many years on personal.

Doesn't really help your problem, but if you were considering to go with HRB business, I am not sure that is much better.

I appreciate your input. It doesn't help me this year, but it may help others who are looking for software to help file for trusts.

I'm partway into using the PC desktop version, and now I'm reminded of two other issues where TurboTax Business is less helpful than TurboTax Personal

1. Does not import data from financial institutions. I'll have to enter 1099 data manually
2. Does not have the ability to do anything at the State level for Utah. I've used Utah's online forms and data from the 1041 to file those tax returns.

At this point my best guess on why the Business version is more expensive than personal is because fewer copies get sold. And within the community who use TurboTax Business I'm guessing filing for Trusts is an even smaller pool to amortize costs.

Kind regards,
Chris

 

[socca]

... I do use H&R Block Business to do trust return (on a PC). The HRB business is not very good software, kind of clunky and much less user friendly than the personal version. ...

Yep. I've used HRB Business for many years to do a 1065. I've never used it for a 1041. If you have previous years 1041s to use as an example, then it's just a matter of struggling with the software to get it to show what you want. Without any good examples I wouldn't recommend a DIY approach.

 

[ncbill]

I used TT Business for years (under Windows) to prepare Form 1041 for several years.

Had to do the state equivalent manually, but it was simpler than the federal form.

Tried H&R Block's much cheaper version but found it too confusing and had to go back to TT.

Glad to have that behind me now.

 

[pb4uski]

My dad's trust return is so simple that I do it in a spreadsheet and then type the numbers into the PDF forms, print and mail.

 

[explanade]

Long time TurboTax user, first year Mac user...And search didn't show me any posts with this issue.

Other than some frustrating operational differences, I had no real trouble filing our personal taxes for 2024 using TurboTax software on my Mac.

I am still filing yearly for my mother's Trust until my sister is ready to take the remainder of her share. TurboTax only covers Trusts in the Business version. However, Intuit only offers the Business version for the PC platform. They appear to have an online option for Mac, which would cost $60+ more than the PC download option (with seasonal discounts).

This is the second big disappointment I've had with TurboTax for Business this year. First I bought it on Amazon 3-days before a discount took place, and they won't do price adjustments on downloadable software. And now this...

Luckily I haven't broken down my Dell tower PC yet, so I can get through this year OK. I'm worried about what happens next year.

Kind regards,
Chris

I'm in a similar situation as you. I'm the trustee for my late mother's trust.

Currently doing her personal income tax return but she has 1099s interest and dividends reporting against both her SSN and the EIN number pulled after her passing.

So I'm wondering how complicated the 1041 and the state equivalent would be.

For instance, does she get deductions against both the personal tax return as well as the 1041? The mortgage is entirely in her name, not the trust, so would that only be used for the personal return?

I've searched and people are being quoted thousands of dollars by CPAs to prepare it.

My dad's trust return is so simple that I do it in a spreadsheet and then type the numbers into the PDF forms, print and mail.

So did you do the Form 760, setting the step-up basis of the assets yourself?

What about any income generated by the trust assets after his passing? Did you get to offset deductions versus that income?

 

[pb4uski]

... So did you do the Form 760, setting the step-up basis of the assets yourself?

What about any income generated by the trust assets after his passing? Did you get to offset deductions versus that income?

Trust not estate, so Form1041 in my case. From his passing until my mom passed only income from stock and bond portfolio that passed through the trust to DM on a K-1 and no deductions offsetting income. Had Sch E for a couple years as well and Sch D occasionally.

Most years I only had a 1041 and a K-1.

 

[Lateboomer]

I used TaxAct for Trusts and Estates this year. Very easy and $140. Generated K-1 and e-filed 1041 in less than an hour. Used online version so no Mac issue. I had the one my CPA did last year to compare which helped. The CPA is still doing my 1040 but charged too much for the simple trust I handle where all is passed through to beneficiary.