How to File Tax Forms for Irrevocable Trusts With Available Software
- 1). Check to see if the tax software you are using supports IRS Form 1041. Form 1041 is the IRS form that you will need to complete when you have any type of trust. Basic tax software may not provide support for this tax form. The more advanced versions of software usually have this as a feature. For example, you can access it with the H&R Block Home Premium software, with TaxACT and with Turbo Tax. (See Resources.)
- 2). Gather any pertinent information regarding your irrevocable trust. For example, if the irrevocable trust earned money from an investment account, you would need to know the total amount of profit earned for the year. If the trust had any expenses, you would also need to gather receipts or other information that can prove these expenses.
- 3). Answer the questions that the tax software asks you about the trust. Typically, most software programs will ask you a series of questions in relation to the trust. You will have to enter information such as the total amount of interest earned over the year. The software will fill out the form for you by placing the information that you provided through the answers in the appropriate blanks.
- 4). File the form with the IRS. Most available software programs allow you to e-file your return with the IRS. You will simply need to navigate to the end of the questionnaire and then select the e-file option.
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