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[Tax Year 2020] I have a Grantor Tax Information Letter for my Trust. It directions data be input in Schedule B and D and others. Can't that within TurboTax. Where is it?

Forum|Forum|5 years ago
July 8, 2020
2 replies
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The only options I see are for Schedule K-1 or Schedule Q. I need schedule B and D, as well as inputing data into Page 2, Box F.

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Best answer by Anonymous_

You can enter that information as if you received a K-1 instead of the GIS that you actually received.

Box 1 on the K-1 (1041) is for interest income which will flow to Schedule B, as will Box 2a for dividends.

Boxes 3 and 4a on the K-1 (1041) are for short-term and long-term capital gain, respectively, which will ultimately wind up on Schedule D.

A

Anonymous_Answer

Employee

You can enter that information as if you received a K-1 instead of the GIS that you actually received.

Box 1 on the K-1 (1041) is for interest income which will flow to Schedule B, as will Box 2a for dividends.

Boxes 3 and 4a on the K-1 (1041) are for short-term and long-term capital gain, respectively, which will ultimately wind up on Schedule D.

P

Philarenite

I have both a k-1 and a Grantor Tax Information Letter, but the numbers are different. Should I add them (Interest + interest, dividends plus dividends, etc.) and enter them with the K-1 information? Or should I simply enter the lower of the two values?

S

sls50211

They should be entered separately. The 1041 K1 is issued if you are the beneficiary of a simple or irrevocable trust. The amounts on the 1041 K1 represent your share of the income from the trust, based on distributions received. This should be entered in the K1 entry section of TurboTax.

The Grantor tax information letter should be entered into TurboTax just like a 1099. The owner of a grantor trust is the owner of the assets of the trust. Therefore all income and expenses incurred by the trust are reported separately on the Grantor's personal tax return. So, interest would be entered in the interest area of TurboTax with the Grantor Trust as payor. Same with dividends in the dividends section and capital gains and losses in the capital gains and loss section of TurboTax.

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Deke_C

I am hoping that TurboTax will fix this in the future. The Grantor letter tells where the data needs to go on the 1040. In my case its a miniscule loss I seems illogical that you just use a K1 form for something else Grantor Tax advice letter, instead there should be a form for this. In many cases I think it can be omitted and TT should guide the filer about that.

Thank you Deke

PatriciaV

Employee

@Deke_C

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