Prepare a grantor trust return
Do the following to enter information for a grantor trust return.
- In the folders block, select theGeneralfolder, then open the1041screen.
- In the Identification Information section, enter information applicable for the trust.
- In the Estate/Trust Information section, in theType of entityfield, selectGrantor trustfrom the dropdown.
- SelectViewthenBeneficiary Information.
- Select theBeneficiarytab then enter the beneficiary name, address, and identification number.
- Select theFederaltab and enter information to allocate the income amounts if there's more than 1 beneficiary and they aren't allocating equally.
- Enter income and deductions for the grantor trust in theIncome and Deductionsfolders.noteA Grantor/Agency Report of Income, Deductions, Credits (instead of Schedule K-1) is prepared for each beneficiary of a grantor trust return.
