The Grantor letter has this info in it: Interest income Passive income loss qualified bus income deduction section 199A IRC section - section 163(J)(3) share of trust gross receipt
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I am going to page another Champ, @Mike9241, to see if he has any input.
You might want to consider making this entry as if you received a K-1.
I am not sure how else you could make this entry in TurboTax.
thank you but do you know about all the other info they sent me and how i enter it? I thought TT Premier would of handle anything, I'm surprised they don't have a special place for this type of form/letter.
There are a number of users who enter information from grantor letters using the TurboTax K-1 entry interview section for trusts and estates (1041).
The K-1 entry screens prompt you for all of the information that would appear on a grantor letter.
i 'm not understanding your situation. you talk about a PONZI loss which you take a deduction of form 4684 and for which you probably should consult a pro. then you talk about IRC 163(j) which is a limitation on business interest without clarifying whether this is in relation to the PONZI scheme. Then there's the 199A issue. There would be no 199A loss if this is from a PONZI scheme.
We can't see the grantor trust letter and I don't understand everything that took place within the trust.
however, a grantor trust is a disregarded entity, so in short, the information would be entered as if there was no trust
for example, interest income would be entered for each payee on a form 1099-int
security sales would be entered through form 8949/schedule D
the PONZI scheme loss would be reported on form 4684 there are multiple options
I attached the info from the grantor letter that I'm trying to add to turbotax. Please discard what i said about ponzi, that was taken care of. Can you help me?
If you enter that as if you received a K-1 (1041) it will work.
Enter the figure on Line 14 with an I code. Go through the K-1 section in the TurboTax interview.
Someone else already mentioned hat I code for 199A. Do you or someone else have any idea about that wages figure???
@timitty2 wrote:
Someone else already mentioned hat I code for 199A. Do you or someone else have any idea about that wages figure???
Yes. If you go through the K-1 (1041) section in TurboTax and enter your figures on Line 14 with an I code, you will eventually come to a screen that looks like the screenshot below. Enter your figures in the appropriate boxes.
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