The grantor trust letter should indicate which lines and forms that you need to enter income information.
- Interest income would be through the 1099-INT in TurboTax
- Dividends and capital gains dividends would be 1099-DIV
- If there are any capital gain or loss transactions, those would be on the 1099-B
- If there is any foreign tax credit, that would be on the form 1116
- Final Fiduciary fees and accounting fees are not deductible.
Entering the information can be done through the Search function in TurboTax.
After you have logged in and are in your return in TurboTax Online:
- Go to Search at the top of the screen.
- Enter Form 1099-INT in the search box.
- You will see a Jump To function that will take you to the 1099-INT input screens.
- Then add a new 1099-INT and manually enter your 1099I-INT.
- At the financial services screens, click "Change how I enter my form" then "Type it myself"
- Indicate the Trust as the payor
When finished, move to the next form number listed using the same steps. For foreign tax credit, in the search enter "Foreign Tax Credit" then the jump to function.
