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February 23, 2025
Question

I have a "grantor trust tax information statement" from prepaid funeral services. Where does this get entered?

  • February 23, 2025
  • 1 reply
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    1 reply

    February 25, 2025

    You're going to enter it as though you had received a K-1 from the trust even though you didn't.

     

    In the wages and income section of TurboTax scroll down to 'Business Items.'  The second item on that list is 'Schedule K-1'.  Click start next to that.

     

    The next screen asks if you got a K1.  Answer yes.

     

    The next screen is asking about the type of K1.  Click start next to 'Estate or Trust'.

     

    Then enter the name, address and 9 digit EIN number from the tax statement that you received.  Then - unless you live in a foreign country - you are a 'domestic beneficiary'.

     

    The next thing that you should do depends on the type of income shown on your statement.  Interest and dividends are in boxes 1 through 5 and capital gains are in boxes 6 through 10.

     

    Enter that information and you will be pretty well done.

     

    @pinkfallon 

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