The 1st page of my K-1 letter only has Part I and II completed, Part III (Beneficiary's Share of Current Year Income Deductions, Credits and other items) is blank 1 through 14. The second page is titled "Grantor/Agency Report of Income, Deductions, Credits" It has information in "Portfolio Income" and "Capital Gains". Where do I transfer this information into Turbo Tax Deluxe? I could transfer it onto the PartIII as mentioned earlier (Beneficiary's Share of Current Year Income Deductions, Credits, and other items), however, my thought is, that this is not the place, bc my numbers would have been listed on the 1st page of the K-1, instead of this 2nd page. Does this info need to be imported into a different version of TurboTax? or can I get away with putting it here?
Grantor trusts are weird but they don't always send you the K1 with parts 1 and 2 completed so that is good for you. Yes, you're going to enter the income from the letter into part three of the K1. The TurboTax system will provide you with boxes for all the different types of income and you will enter it into the corresponding boxes after you enter the information from parts 1 and 2.
In the income section of your federal return scroll down to "Business Items" and click start next to "Schedules K-1,Q" and then follow the steps.
Grantor trusts are weird but they don't always send you the K1 with parts 1 and 2 completed so that is good for you. Yes, you're going to enter the income from the letter into part three of the K1. The TurboTax system will provide you with boxes for all the different types of income and you will enter it into the corresponding boxes after you enter the information from parts 1 and 2.
In the income section of your federal return scroll down to "Business Items" and click start next to "Schedules K-1,Q" and then follow the steps.
Thank you for this. The reason I hesitated was bc part III of my K-1 letter is blank. Technically, this is a page attached to the K-1, named "form 1041" . Although it doesn't have the dividends and qualified dividends in boxes labeled 2a and 2b, I did input them in those boxes on the K-1 in Turbotax. The other reason for my hesitation was when I called Turbotax and spoke with the rep (not tax advisor), she told me to input info from a 1041, I would have to upgrade from Deluxe to Turbotax Business, and oh BTW, since you have a Mac, you can't upgrade, ugh. Does it really matter? I hope not bc I just filed! I sincerely appreciate your response to my question. Thank You!