turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts Last Minute Biz Tax Moves! >> Event happening NOW!!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

timitty2
Returning Member

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

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

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

11 Replies

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

I am going to page another Champ, @Mike9241, to see if he has any input.

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

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.

 

Untitled.png

timitty2
Returning Member

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

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.

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

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.

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

Untitled.png

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

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

 

timitty2
Returning Member

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

Screenshot 2024-10-06 202131.gif

 

Screenshot 2024-10-06 202131.gif

timitty2
Returning Member

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

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?

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

@timitty2 

 

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.

timitty2
Returning Member

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..

Someone else already mentioned hat I code for 199A. Do you or someone else have any idea about that wages figure??? 

Where to enter Grantor Letter Info. from a trust handling a investment we made which turned out to be a ponzi scheme..


@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.

 

 

Untitled.png

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies