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Entering income and deductions allocated to a Grantor trust return (Form 1041)

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Entering income and deductions allocated to a Grantor trust return (Form 1041)

Income and deductions allocated to the Grantor Trust will need to be reported on the Amounts to Allocate to Grantors Worksheet.

To access the Amounts to Allocate to Grantors Worksheet:

  1. In the return, navigate to Form 1041, page 1 and scroll down to Line A Type of Entity.
  2. Follow the QuickZoom next to the Grantor type trust box.
  3. Enter Income and Deductions on the Amounts to Allocate to Grantors Worksheet. Income such as rental income and stock transactions must also be entered in this worksheet to the level of detail necessary for the taxpayer to report them in his/her 1040 return.
    • For example, say a taxpayer with 20 stock transactions must enter the detailed transaction information in the Amounts to Allocate to Grantors Worksheet. These transactions will then be reported on Schedule D of the taxpayer's individual return.
  4. Follow the QuickZoom at the Top of the Amounts to Allocate to Grantors Worksheet to Create or Open a Grantor Information Statement.
  5. Amounts will be allocated to the Grantor based on the Ownership percentage entered on the Grantor Information Statement.

The majority of the information entered for Grantor returns is entered on the Amounts to Allocate to Grantors Worksheet and the Grantor Information Statement. Information entered on the Amounts to Allocate to Grantors Worksheet will not appear on the 1041.

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