JJStephens Posted April 15, 2008 Report Share Posted April 15, 2008 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. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted April 15, 2008 Report Share Posted April 15, 2008 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 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted April 15, 2008 Report Share Posted April 15, 2008 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 Quote Link to comment Share on other sites More sharing options...
JJStephens Posted April 15, 2008 Author Report Share Posted April 15, 2008 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. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted April 15, 2008 Report Share Posted April 15, 2008 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. Quote Link to comment Share on other sites More sharing options...
JJStephens Posted April 15, 2008 Author Report Share Posted April 15, 2008 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). Quote Link to comment Share on other sites More sharing options...
JJStephens Posted April 15, 2008 Author Report Share Posted April 15, 2008 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. Quote Link to comment Share on other sites More sharing options...
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