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RJ82
Level 2

Filing a 2021 Estate Tax return (Form 1041) early in December 2021.

Thank you for the step by step instruction.  Based on the trust documents, I believe I have one complex, one grantor, and one decedent's estate type trust.  For the complex trust, I was able to set up easily.  However, for the grantor type trust; it was not allowing me to input any expense nor distribution amount. So I changed the entity type to "complex" which allowed me to enter earning & deduction info.  I have not completely set up the third one yet.  Since we have to consider how much distribution to make this year, I am opening both TT Business and Premier to figure out the tax consequences.  

Filing a 2021 Estate Tax return (Form 1041) early in December 2021.


@RJ82 wrote:

......for the grantor type trust; it was not allowing me to input any expense nor distribution amount....


Grantor trusts do not make distributions as such; the grantor essentially owns the assets in the trust and the income derived from those assets (as well as the expenses incurred).

 

A 1041 is prepared for a grantor trust along with a grantor information statement (GIS).

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