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In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
In anticipation of the upcoming May 15th deadline, we've compiled a list of the most common questions here.
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- Trust k-1 export doesn't always work
Trust k-1 export doesn't always work
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michele
Level 7
02-16-2023
10:45 AM
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Lacerte says that on a grantor trust they will not do a k-1 data export. I know I have done that in the past.
When you have tons's of information to enter because they are using an ein for all their grantor trust information you have to then go to the personal return and manually enter that information again. Anyone else have this problem. Of course the person I spoke with kept referring to the trust as a partnership and did not have a clue but did send me to a Lacerte page that shows you can not export a grantor trust. Got to love it when you have 50 rentals that the attorney wants on a grantor trust and then you have to go back and enter all the information on the personal.
thanks
Michele
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PhoebeRoberts
Level 11
02-16-2023
11:35 AM
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Because the grantor letter contains detail, not summary, numbers, the export of the grantor information would require entirely different programming than the currently-existing export of the K-1 summary numbers.
There is more than one way to skin this cat. On the 1040, enter the grantor trust items directly, as the first input you do on the return. Print the output detail pages (Sch B, Sch E, whatever) to PDF. Attach them to the 1041 e-file as the grantor detail. Continue to bill the attorney for the consequences of their poor life choices, because this time savings was due entirely to your own cleverness, not to any improvement of their life choices.
