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We transferred some investment assets to a Keystone (grantor) trust last year. I understand that the interest/dividends from these investments should be reported on our personal tax return. What's the best way to do that within TurboTax? How do I identify that those dividends were earned by the trust investments vs. our personal investments, since the transfer occurred mid-year.
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The trust is required to file a tax return by March 15. When the trust files, it includes K-1 forms for each beneficiary. The K-1 is reported to the IRS with the return. Those forms will be distributed and your K1 will go on your personal return which is due by April 15.
The trust is required to file a tax return by March 15. When the trust files, it includes K-1 forms for each beneficiary. The K-1 is reported to the IRS with the return. Those forms will be distributed and your K1 will go on your personal return which is due by April 15.
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