Below, you'll find general information about entering Form 1041 in ProSeries Professional. Refer to the IRS instructions for Form 1041for more information.
What is the purpose of Form 1041?
Per the IRS instructions for Form 1041:
"Purpose of Form
The fiduciary of a domestic decedent's estate, trust, or bankruptcy estate uses Form 1041 to report:
- The income, deductions, gains, losses, etc. of the estate or trust;
- The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries;
- Any income tax liability of the estate or trust; and
- Employment taxes on wages paid to household employees."
How do I access Form 1041 in ProSeries Professional?
The 1041 program must be installed before it can be accessed. Please note that ProSeries Basic doesn't support Form 1041.
Follow these steps to download and install the 1041:
- From HomeBase, select the Update menu and choose Select and Download New Products.
- Check the box labeled 1041 under Federal Products (if not already checked).
- Click Next to start the download if Form 1041 is available.
Follow these steps to create a new 1041 return once installed:
- From HomeBase, select the File menu and choose New Client.
- Select Form 1041: Estates and Trusts Tax Return.
- Click OK.
Follow these steps to open Form 1041 from within in the return:
- Open the 1041 return.
- Press F6 to open the Open Forms window.
- Type 1 and press Enter.