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SD641
April 14, 2025
Question

Trustee Fees

  • April 14, 2025
  • 2 replies
  • 0 views

How do I input Trustee fees ((Revocable Trust) in Turbo Tax Income section if it was not included on the K1 statement?

    2 replies

    Hi Palms
    Hi Palms
    Employee
    April 14, 2025

    To whon did you pay a trustee's fee and what was its nature?

     

    Revocable trusts typically do not issue K-1s, they issue grantor information statements.

     

    Virtually every trust, regardless, deducts trustees' fees at the trust level and do not pass those fees on to the beneficiaries to deduct on their individual income tax returns. 

     

    There is an error here somewhere.

    S
    SD641Author
    April 14, 2025

    It was an Irrevocable Trust.  The Trustee fees were not listed on the K1 so I entered as Other Miscellaneous Income - Other Reportable Income.

    Hi Palms
    Hi Palms
    Employee
    April 14, 2025

    That is correct. If you received a fee as a fiduciary (trustee), you would report that fee as Other miscellaneous income.

    S
    SD641Author
    April 14, 2025

    It was an Irrevocable trust.  The Trustee fees were not listed on the K1 so I entered as Other Miscellaneous Income - Other Reportable Income.

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