Fiduciary Tax Forms

RMClark55
RMClark55 Member Posts: 3 Newcomer
in Filing my taxes

Does FreeTaxUSA support Forms 1041 plus State Fiduciary Returns?

Thanks

Answers

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 250

    Hi RMClark55,

    FreeTaxUSA does not support Form 1041 for estates and trusts. We do however, support the Schedule K-1 that is associated with Form 1041 for beneficiaries.

    If you are a beneficiary of an estate or trust, you will receive a Schedule K-1 that reports your share of the estate or trust's income. Enter the information from the Schedule K-1 onto the Estate and Trust Income Information (Schedule K-1) screen.

  • Reallie222
    Reallie222 Member Posts: 2 Newcomer

    A bit confused by this: FreeTaxUSA supports K-1 but not the form 1041 for estates and trusts.

    I have a 1041 K-1 for a Charitable Gift Trust. Can I file this with FreeTaxUSA? All of the income is foreign with taxes paid. Box 14 B. The issue that concerns me is that at the bottom of my 1041 K-1, there is a breakdown list of all the various countries taxes were paid to along with the gross of all qualified dividends. The only option available on FreeTaxUsA is as follows:

    Is your foreign income passed through from a mutual fund or other regulated investment company (RIC)?

    All other efile companies give the option of choosing Various for multiple countries. FreeTax only has one option for an individual country. Would I just choose RIC in this case?

    I do have a 1099 DIV that has been added as a RIC but I'm not confidents a 1041 K-1 Trust falls into this category. I do not want to risk setting off red flags to the IRS.

    Very conflicted as to how to proceed here. Please advise.

  • CoryF
    CoryF FreeTaxUSA Agent Posts: 198

    Thank you for joining our community.

    Yes, we do support the Schedule K-1 for Estates and Trusts Form 1041. We also support Box 14 B Foreign Taxes Paid. However, we do not support the reporting of income from more than one foreign country at this time. You can qualify to not disclose the specific country if your income comes from a mutual fund or other regulated investment company (RIC). If the income from the Estate or Trust does not meet either of these sources of investment income, then we would not advise you to disclose the income that way.

    You would need to find another tax software provider that does have that capability.

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