I have a GRAT; I need to file taxes on it for the first time this year because it generated interest and dividends. I am the Grantor and the Trustee.
For my federal return, I have created a statement associated with Form 1041 which will show all the interst and dividend on Form 1040. All the entries in Form 1041 are 0. I believe this is correct based on my understanding of Form 1041 instructions. Is this correct?
My question is regarding California. Can I do the same thing for CA? Can I create a Statement indicating that all the intersting and divident income is reported on form CA 540? Or do I need to fill out CA-541 in detail?
