Question

I received a Grantor Trust Information Letter for a Liquidating trust, last year I received a K-1. How do I enter the information on my 2017 taxes?

Forum|Forum|7 years ago
June 6, 2019
5 replies
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TurboTax Premier Online

I also got a final Grantor Trust instead of a final K-1. It info seems to follow a K-1 though. Should I report the info as a K-1? The EIN and name are different but the address is the same. Also, where would I report my loss as it was quite considerable? It has a Capital Account Analysis but I was told that doesn’t need to be reported.

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sandwitch3

I'm still confused. Icon 12 sucks, also.

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spaszoid2

Even though the Grantor's statement fits into a sch k-1, it doesn't address long-term losses. I think I need to manually enter the info on the Schedule D and form 8949 but I have to do some research for final loss amount. I filed for an extension since I knew I didn't owe taxes. The Turbo Tax answer just confuses me so I'll probably have to go to a CPA later to make sure it's filed correctly.

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Anonymous_

Employee

https://ttlc.intuit.com/replies/5418899

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robalthausAuthor

I treated it as if I had received a K-1. The categories fit perfectly.

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Anonymous_

Employee

" Even though the Grantor's statement fits into a sch k-1, it doesn't address long-term losses."

It actually does address that, provided you select that the K-1 is final which will allow you to input long-term losses on Line 11 with a C code (see screenshot).

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spaszoid2

What form or schedule are you referring to regarding Line 11, Code C?
In Sch D, Line 12, you can input long-term loss from Sch K-1s but it doesn’t ask if the K-1 is final.
My previous K-1s were reported on Schedule E. However, on the second line (under my name) is a caution. “The IRS compares amounts reported on your tax return with amounts shown on Schedule(s) K-1.” Can I use Schedule E for the final Grantor’s Statement, even though the trust didn’t issue a final K-1?