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Level 1
posted Mar 9, 2022 9:24:16 AM

1041 concerns for trust

delete this

0 4 529
4 Replies
Level 15
Mar 9, 2022 9:27:20 AM

You could not possibly have generated a 1041 with an online TurboTax program.

 

If you have a 1041, you should either have a K-1 or, more likely, a grantor information statement (since it appears as if you have a grantor trust).

 

Level 15
Mar 9, 2022 9:28:34 AM

If this is a grantor trust (presumably), then you need to enter the information from the statement into your personal tax return (or use the tax reporting statements if you have them).

Level 2
Mar 9, 2022 9:30:46 AM

Where on the tax return is the Grantor Letter information entered?

Level 15
Mar 9, 2022 9:35:01 AM

The grantor information statement should have descriptions of the types of income/gain, etc. and the amounts.

 

You have to enter each item in its respective part separately.