You would enter the information reported on the Grantor Tax Advice Letter as if it were reported to you on a Form 1041 K- Here is how to report.
- Open your TurboTax return
- Go to income
- Go to S-corps, Partnerships, and Trusts
- Schedule K-1
- Estates or trusts (Form 1041)
- Fill out the information and make sure you indicate this is the final K-1 for the trust
- Check Box 5.
- When you record the information in box 5, record the loss with a minus sign in front of it.
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