The form that you supplied is an alternative Form 1041 (Grantor) filing and is what informs you of certain income and expenses that should be reported by you on your personal form 1040. [N.B.:Since you uploaded a document into a public space with your personal financial data and tax id, it has been removed to secure your information!!!!]
COMMENT: While the form you received from an investment fund indicates that it is reporting as a grantor trust, in truth it is a partnership and it would have been more helpful had they reported as if a Schedule K-1 (1065) and not (1041 Grantor) had been supplied.
Anyway, there is only one relevant data item for you to report however to do it correctly, I would advise reporting as if you had received a Schedule K-1. On the Personal Income Summary interview, scroll down to Business Investment and Estate/Trust Income and start that section and act as if the form you received was a Schedule K-1 from a Trust.
- Enter the name and Tax ID of the trust, and the address
- You will enter the Ordinary (Business) Income on Line 6 of the Schedule K-1 entry.
- Finally, for that same amount report that as "Qualified Business Income" on Line 14 using Code "I" (letter I).
- TurboTax will carry the amounts to the appropriate locations in the Form 1040.
If this posted response is useful to you, please click on the upraised hand in the lower left of this post. Thank you. Scruffy Curmudgeon--PFFM/ IAFF, retired FireFighter/Paramedic - Locals 718/30, Veteran USAR O3 AIS/ASA '65-'67
NOT INTUIT EMPLOYEE
USAR 64-67 AIS/ASA MOS 9301 - O3
- Just donating my time
**Say Thanks by clicking the thumb icon in the lower left corner -it means nothing but makes those than answer feel wanted.
