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The Grantor Letter or Information Sheet is a transmittal document, copied to the IRS, showing you as a recipient of various forms of income, and possibly having certain deductible expenses. Enter the information listed in the Grantor Letter in the places where you normally would, had you paid or received these items directly instead of through a trust.
You report each income and expense item as if you had received an equivalent 1099, using the name and EIN of the Trust as the payer. So treat interest as if a 1099-INT, dividends as if a 1099-DIV, Gains and Losses as if a 1099-B, etc.
Some of the more common items and where to add them include the following:
Hi, is there an answer that's missing from this thread? I'm not seeing the answer to the original question of how to input a Grantor Letter.
@taxesarefun2019 wrote:Hi, is there an answer that's missing from this thread? I'm not seeing the answer to the original question of how to input a Grantor Letter.
Yes, the primary answer did not transfer over to this new forum from the old board.
Essentially, you can enter the information from the grantor letter (GIS) as if you received multiple 1099s (e.g. enter interest as if you received a 1099-INT, dividends as if you received a 1099-DIV) or simply use the K-1 entry for a trust in TurboTax as a template.
But the Grantor Letter says to enter the interest income and dividend income on Form 1040 Schedule B. How do I do that?
Ok ... in the program simply enter the interest and dividends and if you are REQUIRED to file a Sch B the program will populate it and that would be correct ... the people who sent the letter do not know if you are required to file a Sch B or not and you cannot force one if it is not needed ... IRS regulations.
When do [Removed PII] get her check
Turbo Tax will not have a status on your refund. If the IRS website says processing, this means they are working on it.
Please use this link to track your refund from the IRS
Tax Season Refund Frequently Asked Questions
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