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Business & farm
You would enter the information reported on the Grantor Tax Advice Letter as if it were reported to you on a Form 1041 K-1.
After you have entered the initial information about the trust, you will get to the section where you can select the boxes to fill in. Put a check beside Boxes 1-5. This will allow you a place to enter the long-term and short-term capital gains (box 3 and box 4a). Then, the information will be transferred to the appropriate section of your Form 1040.
Use the following steps to get started:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “K-1” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to K-1”
- Click on the blue “Jump to K-1” link
- Answer Yes to get started
- Choose Start beside Estates or Trusts (Form 1041) and enter your information
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February 20, 2022
9:07 AM