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Form 1041 Grantor Trust and entering beneficiary information in ProConnect Tax

by ProConnect Tax Online Updated 7 months ago

When setting up a grantor trust for the first time requires input in two places, with an option to edit and update the grantor letter in a different location.

To select the entity:

  1. Go to Input Return Client Information.
  2. Scroll down to Miscellaneous Info section.
  3. Select 4 = Grantor Trust from the Type of Entity dropdown box.

To set up the beneficiary information:

  1. Go to Input Return Beneficiary/Grantor Info.  Beneficiary/Grantor Information.
  2. Enter the information for the beneficiary
    • Click the plus sign (+) at the top of your screen to add or remove beneficiaries, if needed.
  3. Go to Grantor Distributions.
  4. Enter the amounts in the Grantor Percentages subsection.

To edit the grantor letter:

  1. Go to Input Return Beneficiary/Grantor Info.
  2. Go to Grantor Letter Options.
  3. Scroll through the options to change the appearance and content of the letter.
    • For example, you can add or remove a graphic border by entering 1 or 2 in Print graphics border: 1=yes, 2=no [Override]
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