Grantor type trust 1041

[JJStephens]

I've only done a handful of trusts but none of them were grantor trusts. I'm a bit befuddled how to proceed--hopefully someone out there can point me in the right direction.

If I understand things correctly, everything (income & expense) should pass through to the trust beneficiary (question #1: do I understand things correctly?).

It seems to me that all the income & expense info should flow to Sch K-1. . . but the K-1 is blank. Am I missing something on getting the info to flow to the K-1?

There is a Grantor Trust Information page that appears to have all the inc/exp info--but it doesn't print unless I manually select it. It includes a statement that says, "Please note that partnership K-1 information is not included on this tax information letter. Do not prepare your individual tax return until this information is received. For more information please consult your tax advisor." Does that simply mean that if the trust received a partnership K-1 (which it did not) that any such K-1 info is not included on that report?

Any help you can offer will be immensely appreciated.

[michaelmars]

treat the income as if the bene owned it personally and as if there was no trust. put the items listed on the letter onto the return, item by item

[BulldogTom]

I think there are some check boxes in the beneficiary set up that need to be looked at. Isn't there a percentage that has to be applied for it to populate the K1?

Tom

Lodi, CA

[JJStephens]

treat the income as if the bene owned it personally and as if there was no trust. put the items listed on the letter onto the return, item by item

Are you saying there does not need to be a trust return? I'm not doing the beneficiary's return, just the trust.

[michaelmars]

this is a trust return that is basically blank and no k-1 gets prepared for the bene. the bene gets a letter telling him the inc/ded to put onto his personal return.

[JJStephens]

I think there are some check boxes in the beneficiary set up that need to be looked at. Isn't there a percentage that has to be applied for it to populate the K1?

Tom

Lodi, CA

I set up the sole beneficiary as 100%. I also tried setting the tier 1 and ier 2 percentages to 100%--to no avail. All the K-1 dollar amounts are still blank.

I'm sure it's something simple that I'm not doing--a 'head space error'. I'm just at a loss where to go next. I can't imagine that I'll be able to get through to tech support today (or ever, if many posts on this site are to be believed).

[JJStephens]

this is a trust return that is basically blank and no k-1 gets prepared for the bene. the bene gets a letter telling him the inc/ded to put onto his personal return.

Wow! That's simple. Sure wish the instructions had told me that a couple hours ago! Thanks for the info.