Anybody have suggestions on software for preparing trust tax returns and the associated K-1's. Will have two for 2013 tax year and starting in 2014 tax year will have four. This will be for the next 25-30 years or until I die, which ever comes first. I have been using TurboTax for individual 1040 seems like for ever.

TIA

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Posted by Poodlebrain

Way Right of Rex

Member since Jan 2004

19860 posts

Posted on 11/2/13 at 9:02 am to CHSBears

Most of the software for preparing estate and fiduciary tax returns, Form 1041, is intended for tax professionals, and is not really cost effective for non-professionals. There are some online services that are available, but I do not know whether they are all that accurate or user friendly. Here is one I have heard of TAXSOFTWARE.COM It isn't cheap.

An additional word of caution, there aren't a set of uniform rules for determining the taxable income of a trust. They are based on the terms of the trust. So the return preparer must instruct the software about how income and expense items should be reported. Good luck.

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Posted by CHSBears

Baton Rouge

Member since Aug 2007

778 posts

Posted on 11/4/13 at 8:02 am to Poodlebrain

Thanks
That is what I had found from a search of the web. Most of, if not all of investments in the trusts are from MLP's. I have looked at the previous years K-1's from the MLP's and all seem quite good at providing instruction as to where to report all the info on the 1041 and K-1 to the beneficiaries. Looks like it will be me and paper and pencil on the returns and excel for keeping track of the MLP cost basis. I have read the trust documents and they are a simple trust. Each trust only has one beneficiary, so each will have only one K-1. Thanks again.

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