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
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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.
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