Customer Reviews for TurboTax - Business 2024 Federal Only + E-file - Windows [Digital]
Customer Rating
3
Don't expect too much with fiduciary returns
on March 15, 2025
Posted by: Dominar
You really have to know something about fiduciary income tax already in order to use TurboTax to correctly prepare Form 1041. I'm a tax attorney so I knew when the result wasn't correct and when I had to go back and check/uncheck a box or jump through some other hoop in order to get the right result. In a few cases, I had to override the TT result because it didn't take my situation into account. Still, it's nice to have the calculations done automatically and to e-file.
I've used TurboTax for many years. It seems like the product has been slipping a lot over the past few years. More vague instructions, errors in calculations, etc. It's pretty bad when I know more about the math than the software does!
The SW needs to: 1. Not use rounding as this causes errors that need adjustments in obscure places. 2.SW should query the user if they would like to use schedules like (M1, M2) even though they may not be required, for instance, by income. Keeping the schedules ensures that a full record is kept. Finding out that schedules can be enabled by going to forms, clicking yes instead of no is not good and causes much loss in time.
I had two 1099-Rs to enter for a single beneficiary trust. The interview didn't ask me if I needed to enter 1099-Rs. I had to research where to enter these on the 1041 form.
For simple trusts, TurboTax should offer a free or cheaper version