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October 10, 2022
Question

How do you report a distribution from an irrevocable grantor's trust? The form from the trust will be a K-1 form.

  • October 10, 2022
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1 reply

Critter-3
October 10, 2022

To enter a K-1 go to 
Federal Taxes Tab ( Personal in the H&B versions )
Wages and Income
Choose Explore on my own or I'll choose what to work on  (if it comes up)
Then scroll way down to Business Items
 S-corps, Partnerships, and Trusts.  Schedules K-1, Q - Click the Start or Update button 

Be sure to pick the right kind of K-1. There are 3 kinds, 1041, 1065 & 1120S