You would enter the interest income in TurboTax. The fiduciary expenses are no longer deductible for the Federal return when they eliminated miscellaneous deductions in 2018, A funeral trust is a grantor type trust where all income and all expenses are passed through the beneficiaries then included on their individual tax returns. You should receive a statement annually from the funeral trust with your share of the amounts. You will need to enter the interest income manually into TurboTax.
After you have logged in and are in your return:
- Go to Search at the top of the screen.
- then 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.
- There add the 1099-INT and indicate Change how I enter my form" and I'll type it myself"
The pandemic has affected your taxes in many ways. Including reporting in TurboTax the amount of stimulus money you received. Click Here for more information on how the Pandemic affected your 2020 taxes.
