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Form 1041 Grantor Trust and entering beneficiary information in Lacerte

by Lacerte Tax 2023 Updated 9 months ago

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

To select the entity:

  1. Select Screen 1, Client Information.
  2. Scroll down to Miscellaneous Info section.
  3. Select Grantor Trust from the Type of Entity dropdown box.

To set up the beneficiary information:

  1. Go to Screen 6, Beneficiary/Grantor Information. 
  2. Enter the information for the beneficiary.
    • To add or remove beneficiaries, use the Add or Delete buttons in the left menu.
  3. Go to Screen 10, Grantor Distributions.
  4. Enter amounts in the Grantor Percentages subsection.

To edit the grantor letter:

  1. Go to Screen 11, Grantor Letter Options.
  2. 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 a 0 or 1 in the field Print graphics border: 1=yes, 2=no[O].
Lacerte Tax

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