I am using Turbotax Premier and apparently I need to file a form 1041 for a
liquidating trust and I don't know what to do? Any help would be appreciated. The trust sent me a blank K-1 and suggest that I use form 1041 but I am lost.see attached info provided to me.
Thank you, James
The form that you supplied is an alternative Form 1041 (Grantor) filing and is what informs you of certain income and expenses that should be reported by you on your personal form 1040. [N.B.:Since you uploaded a document into a public space with your personal financial data and tax id, it has been removed to secure your information!!!!]
COMMENT: While the form you received from an investment fund indicates that it is reporting as a grantor trust, in truth it is a partnership and it would have been more helpful had they reported as if a Schedule K-1 (1065) and not (1041 Grantor) had been supplied.
Anyway, there is only one relevant data item for you to report however to do it correctly, I would advise reporting as if you had received a Schedule K-1. On the Personal Income Summary interview, scroll down to Business Investment and Estate/Trust Income and start that section and act as if the form you received was a Schedule K-1 from a Trust.
Explain. All personal of poster was deleted, and the reporting firm information was also deleted so as to secure the Op's information.
HUH? What is the basis of your request to delete the OP's question? or my answer" and what/who is CX?
Oh! of course, did it as soon as I came across the question! Had TIN and financial data of OP.
See my comment about that right underneath his/her question re redaction
better you should read the answer itself and contact the limited partnership fund or your financial advisor and demand that in the future a proper and descriptive tax information report be provided - that Grantor Info Sheet would be useless or clueless to most folks who receive it.
BTW, line 14 entry is important because it is the 2017 TCAJ 20% tax relief write-off of the income reported.
Scruffy, you are right that Grantor Info Sheet was foreign to me. Thanks again for you incite.