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April 15, 2021
Question

Grantor Trust letter input of info into forms and Schedules

  • April 15, 2021
  • 1 reply
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I just received a grantor trust letter from a liquidating trust.  The instructions sound easy but when I try to enter the info into my turbotax it is difficult to find the proper schedule or form.  Help please..

    1 reply

    April 15, 2021

    The grantor trust letter should indicate which lines and forms that you need to enter income information. 

    • Interest income would be through the 1099-INT in TurboTax
    • Dividends and capital gains dividends would be 1099-DIV
    • If there are any capital gain or loss transactions, those would be on the 1099-B
    • If there is any foreign tax credit, that would be on the form 1116
    • Final Fiduciary fees and accounting fees are not deductible.

    Entering the information can be done through the Search function in TurboTax.

     

     After you have logged in and are in your return in TurboTax Online:

    • Go to Search at the top of the screen.
    • Enter Form 1099-INT in the search box. 
    • You will see a Jump To function that will take you to the 1099-INT input screens. 
    • Then add a new 1099-INT and manually enter your 1099I-INT.
    • At the financial services screens, click "Change how I enter my form" then "Type it myself"
    • Indicate the Trust as the payor

    When finished, move to the next form number listed using the same steps.  For foreign tax credit, in the search enter "Foreign Tax Credit" then the jump to function.