Does TurboTax require an entry in Box 11 for a “Final” K-1 Grantor Letter?
I received a Final Grantor Trust Letter from a Liquidating Trust which has the following item: Income LONG-TERM CAPITAL GAIN (LOSS) …………….. -2904. (ENTER ON FORM 1040, FORM 8949, PART II) Do I need to make a manual entry into Form 8949?
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1 Best answer
M-MTax
Level 12
Mar 21, 2021 2:40:42 PM
If you've got a K-1 with the number in Box 11 you enter that as a K-1. If it's a grantor letter you enter that on Form 8949......as instructed. Don't do both whatever you do.
4 Replies
M-MTax
Level 12
Mar 21, 2021 2:11:23 PM
Enter that as if it was a stock sale.....same section but long term holding period.
mullenwi
Level 1
Mar 21, 2021 2:22:36 PM
No entry needed in Box 11?
M-MTax
Level 12
Mar 21, 2021 2:40:42 PM
If you've got a K-1 with the number in Box 11 you enter that as a K-1. If it's a grantor letter you enter that on Form 8949......as instructed. Don't do both whatever you do.