Deleted
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Post by Deleted on Oct 16, 2012 15:27:34 GMT -5
I am the trustee for an irrevocable trust and will need to do a 1041 trust tax return for 2012. Is TurboTax Business the best software for this or can anyone recommend something else?
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mwcpa
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Joined: Jan 7, 2011 6:35:43 GMT -5
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Post by mwcpa on Oct 16, 2012 16:17:31 GMT -5
I do not have much experience with the DIY products, but turbo tax is fine for a simple return... i think the H&R Block has it own DIY version too.
If the trust gets complicated professional help may be necessary, you have a fiduciary responsibility to the beneficiaries and making a mistake is expensive to them, so it will be really expensive to you (more than a fee from a professional). In a trust there are two kinds of income and expenses, for current income recipients and remainder-man (principal/corpus and income issues).
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Post by Deleted on Oct 16, 2012 20:01:55 GMT -5
Thanks for your answer, mwcpa. I think I'll start with TurboTax and ask more questions as things come up. The whole thing is pretty uncomplicated and there isn't much money involved.
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