1041 grantor trust income reporting

[USER987456]

I see that the ordinary dividends go on the Grantor Information Sheet under Income. Do the 1099 B sales also go under income?

What about Exempt Interest Dividends and Specified Private Activity Bond Interest Dividends (item lines 11 and 12 of the 1099 DIV)?

Thank you

[Anonymous_]

Everything you mentioned can be entered under "Income", except you can enter the exempt interest dividends under the Type of Tax Exempt Income heading.

[USER987456]

Do not need to do a Schedule D, 8949 and 4952 for a grantor trust then?  And do not need to have 1099 B worksheet or statement attached to the 1041 calculating/showing the capital gains amounts and types?

Thank you!

[Anonymous_]

No. The grantor trust files the 1041 and the GIS.

[USER987456]

Fantastic thank you...

So just list the 1099 B totals etc on the GIS then under Income, tax exempt income etc? Can you show me how to write out Long term transactions with no basis reported on the GIS?  Enter realized gain in the Amount column of the GIS?

[Anonymous_]

This is not that difficult. 

Simply type the short-term totals and the long-term totals on different lines.

You only need summaries because you will be entering the actual transactions on the 1040 (Form 8949).

[USER987456]

Not difficult for you , haha 🙂

Thank you!!

[Rzepka1]

Hi,

I have a 1099 B to report with an equal number in box 1d and 1e.  We do not file a 1040 return.

Do I have to file a 1040 to report this or is there a way to do it on the 1041?

[Anonymous_]

You need to provide more details, @Rzepka1. Did mean you do not file a 1041? 

Equal numbers in 1d and 1e on your 1099-B indicates the selling price was the same as your cost basis and, as a result, there was no gain. 

What, exactly, do you need to know?

[Rzepka1]

I only file a 1041. Wasnt sure if I have to file a 1040 because of the 1099B. Also, is there a place I put the info on the 1041

[Anonymous_]

Are you using TurboTax Business?

Start in the Investment Income section (Capital gains or losses).

[Rzepka1]

I should have reiterated it is the 1041 trust form, not business

[Anonymous_]

I understand. I was asking if you are using TurboTax Business to prepare the 1041.

[Anonymous_]

Also, you must have sold something (in the estate or trust), such as a stock, bond, et al., so you should know exactly what was sold and that transaction would initially be entered on Form 8949 (or Schedule D).

[Rzepka1]

Thank you for your help. I am doing a paper 1041 as I didnt know it could be done on turbotax. I sold a bond. Are you saying I should file 8949 with my 1041 to reflect the 1099B?