I have a simple trust that distributes all income to beneficiaries. I am trustee and sole beneficiary. So I send myself a K-1 with the trust 1041 return. I enter the K-1 info as income in TT home and biz. But it doesn't save and it just shows zero. But the ordinary div I enter as from the K-1 instead shows up added to the ordinary dividends in the investments section. I suppose the tax effect is the same but won't it create a problem if the trust return shows a K-1 issued to my ssn but my personal return does not show a K-1 on the sched B nor is there a Form E generated?
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you have a grantor trust. there are 3 methods of reporting
A grantor trust can indeed file a Schedule K-1 for the sole beneficiary who also serves as the trustee. Let me provide some details:
Grantor Trusts:
Reporting Requirements:
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