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Level 3
March 28, 2022
Question

Irrevocable Trust

  • March 28, 2022
  • 2 replies
  • 9 views

Since 2007 the inception of this Irrevocable Trust, the trust has paid the taxes and no K-1 was required. 

This year I am using the Pro Series and it will not allow me to proceed without a K-1 directed to a Grantor. I am not sure what I am doing incorrectly with the Pro Series. 

The Trust has made Estimated payments to both the Fed. and State.

Any ideas?

Thank you

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2 replies

dascpa
Level 11
March 28, 2022

If you selected Simple Trust it will create a K-1 since income is required to be distributed.  If a complex trust you have to enter distributions on page 2 to create the K-1.

RC18Author
Level 3
March 28, 2022

Thank you. That was quite simple.

Appreciate the quick response