Hi all,
Ive read every post on here about this topic but still need a hand if possible. Im attaching 2 images of the GIS I received for my minor childs trust. Alot of people say to just enter it like a K1 but when I try its not that simple as the info doesnt correlate to this letter. On the letter it says what to enter on what form but then that generates additional forms that made me very confused. I was wondering if anyone out there would be able to lay out where I could enter this into TT? I have calls out to some tax pros but am nervous they wont get me in before the deadline. It stinks because this is ALL she has to file and if TT had a GRANTOR letter screen id be all set. Any help at all and Ill be appreciative folks.
I'm afraid your image doesn't come through on here. Which is good, you don't need to provide any help for anyone out to steal identities.
You just need to figure out the numbers for income and enter them into a 1041 K-1 as best as you can. A lot of grantor letters include expenses which can't be deducted and are purely informational. Just the income is really all that you need to copy into the K1.