1041 irrevocable grantor trust interest income of $10.63

[33mon]

Have an irrevocable grantor trust.  The life insurance company sent a 1099int for $10.63.  Is there a need to file if the total taxable income is less than $100?  Would it be good practice to file even if there is no tax?

[33mon]

thanks

[jrlehmkuhl]

How do I report interest of a Grantor Trust on my 2019 tax form ?

[33mon]

The 1099 from the insurance company used the EIN number of the Grantor Trust.  So is there an exemption amount for the grantor trust or do you have to file a 1041 for the $10.41 interest?

[Dfleishman]

I received a 2020 Grantor Trust Tax Statement.  This indicates a Gross Taxable Interest, Ordinary Dividends and a Capitol Gains  Distribution.  How do I report these?  Thank you.

[Dfleishman]

Thank You!

[Dfleishman]

I'm still not sure how to handle the GROSS Taxable Interest, Ordinary Dividends and Capital Gains Distributions from my 2020 Grantor Trust Tax Information Statement.  Also, I entered the wrong amount for my Stimulus payment.  I already completed the Federal Section.  How do I go back and revise this figure?

[Dfleishman]

I'm using the Premier Version.  Is there a step-by-step method?  Also, how do I return to the Stimulus Questions.  I first entered the wrong amount and wish to correct.

[DianeW777]

Yes, you can use the information here to enter a 1041 K-1.  

To enter your form K-1 in TurboTax, open your return and follow these steps:

• Click on Federal Taxes, then on Wages and Income
• Under All Income, scroll to S-corps, Partnerships, and Trusts section
• Click Show more and click Start next to Schedules K-1, Q 
• Continue to enter the requested information and select Boxes 1-5 for your entry (see attached image)

The stimulus questions will fall under the 'Federal Review' tab at the top once you are signed into your TurboTax Account. This is where the figures can be corrected.