Solved

How to report trust interest income on 1040

Forum|Forum|2 years ago
February 10, 2024
1 reply
0 views

No text available

TurboTax Online

Best answer by Anonymous_

Did you get a K-1 or a grantor information statement (or nothing except a tax reporting statement)?

If this is a grantor trust and the interest is reported to you, as owner, on a 1099 with your name and social security number, you would report the interest directly on your income tax return (1040).

A

AnnetteB6

If the income is from a trust, you should receive a K-1 from that trust showing the income you need to report on your personal return. You would enter the K-1 as part of your tax return and any interest income would then be transferred to your Schedule B.

If you do not have a K-1 from the trust, you should contact the trust administrator to ask when you should be receiving it. It should be issued to you after the tax return for the trust has been filed.

For reference, see the following TurboTax help articles to learn more:

What is a Schedule K-1 Form 1041: Estates and Trusts?

Where do I enter a Schedule K-1 that I received?

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

A

Anonymous_Answer

Did you get a K-1 or a grantor information statement (or nothing except a tax reporting statement)?

If this is a grantor trust and the interest is reported to you, as owner, on a 1099 with your name and social security number, you would report the interest directly on your income tax return (1040).