Living Truist with EIn

Forum|Forum|5 years ago
March 2, 2021
4 replies
21 views

I made a LIVING-TRUST with a ein.

The irs document says, TTEE after my name, CP 575 B
and also says
Form 1041 04/15/2021

I made about $200 in interested. How do I enter this? Does it go on my personal or do a i a seperate return? thanks

TurboTax Business Windows

Anonymous_

Level 15

You can enter the income on a 1041 and check the "Grantor type trust" box (the income is then reported on a grantor information statement which, in turn, is reported on your individual income tax return (1040).

There are various filing options which you might want to consider.

See https://www.irs.gov/instructions/i1041#idm140229121398304

jaredc2Author

Level 2

its 1099-int form, where do i enter the banks info on the k1 form?

Anonymous_

Level 15

@jaredc2 If you are filing a 1041 for a grantor trust, you will not issue a K-1 (and if you are using TurboTax Business, a K-1 will not be generated). Rather, you will receive a grantor information statement.