Trustee Fees

[SD641]

How do I input Trustee fees ((Revocable Trust) in Turbo Tax Income section if it was not included on the K1 statement?

[Hi Palms]

To whon did you pay a trustee's fee and what was its nature?

Revocable trusts typically do not issue K-1s, they issue grantor information statements.

Virtually every trust, regardless, deducts trustees' fees at the trust level and do not pass those fees on to the beneficiaries to deduct on their individual income tax returns. 

There is an error here somewhere.

[SD641]

It was an Irrevocable trust.  The Trustee fees were not listed on the K1 so I entered as Other Miscellaneous Income - Other Reportable Income.

[SD641]

It was an Irrevocable Trust.  The Trustee fees were not listed on the K1 so I entered as Other Miscellaneous Income - Other Reportable Income.

[Hi Palms]

That is correct. If you received a fee as a fiduciary (trustee), you would report that fee as Other miscellaneous income.