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Level 1
posted Mar 23, 2025 8:52:41 PM

Grantor Irrevocable Trust 1041 : Informational Form

I have a Grantor Irrevocable Trust.  The trust has an EIN number.  As I understand, any dividends/interest as reported from the grantor trust letter (1099) can be reported on the 1040 personal tax form.  There were no beneficiary distributions - hence no schedule K-1 required.    Should I still submit a 1041 indicating it is a grantor trust?  Does Turbo Tax Business support the grantor trust - And does Turbo Business provide an "informational" statement linking grantor information back to personal 1040 form?

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1 Best answer
Level 12
Mar 24, 2025 7:27:13 AM

TurboTax Business supports grantor trusts and will generate a grantor information letter (GIS). 

 

However, certain grantor trusts can generally use one of the optional methods of filing:

 

See https://www.irs.gov/instructions/i1041#en_US_2024_publink1000286018

2 Replies
Level 12
Mar 24, 2025 7:27:13 AM

TurboTax Business supports grantor trusts and will generate a grantor information letter (GIS). 

 

However, certain grantor trusts can generally use one of the optional methods of filing:

 

See https://www.irs.gov/instructions/i1041#en_US_2024_publink1000286018

Level 1
Mar 24, 2025 7:09:25 PM

Perfect - thank you!