Hello,
For an IDGT (irrevocable trust), the format of the K1 provided by the trust accountant to the grantor does not match the format of the K1 in turbotax or IRS. A few quick questions from the grantor's perspective:
1. Does the grantor directly report the income/ capital losses/ credits on his tax forms without filling the K1 section in turbotax (So, not use the Trust Income section of turbotax at all)?
2. Does the grantor put the trust information as the payor/ source of the income, foreign tax credits, etc.?
3. Anything else the grantor should know?
Thank you.
