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- URGENT HELP NEEDED! Multi-state Grantor Trust Tax Return in Lacerte
URGENT HELP NEEDED! Multi-state Grantor Trust Tax Return in Lacerte
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lboydjdd
Level 2
10-14-2021
01:31 PM
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I have a grantor trust that I am trying to prepare with a multi state K-1. The Kentucky K-1 Form PTE is one of the states and on the PTE it is showing numbers in the Section A Pro Rata Share Items that match the federal numbers. However since Lacerte does not support multi-state K-1 form entries, I am left to manually put the Kentucky Share Items in the additional notes of the grantor letter. I should not be putting those federal numbers correct? I was looking at the 740NP-WH form and that had a Kentucky Distributive share item. Should I be listing that on the grantor letter as Kentucky's share income? Or do I take the numbers on the PTE and multiply it by the apportionment factor and then list them on the grantor letter?
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PhoebeRoberts
Level 11
10-14-2021
01:52 PM
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If it were me, I'd staple a copy of the trust's PTE and 740NP-WH to the grantor letter and let the grantor's preparer figure it out. With my luck, the grantor's preparer would be me, too - in which case no one is ever gonna look at that grantor letter anyhow, and I might be tempted to save the staple.
Also, that Federal 1041 is already delinquent. The current extended due date is 9/30. You've got until 11/30 (or maybe 11/29) before there's a late filing penalty for a purely grantor trust, though.
