Question

turbotax business - grantor trust income statement

Forum|Forum|5 years ago
April 5, 2021
1 reply
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Turbotax Business Grantor Trust, how do i list ordinary and qualified dividends on the Grantor Information Statement without adding the two together? Do I have to list the separately or can i just list the ordinary amount and label as Total dividends?

TurboTax Business Windows

A

Anonymous_

You should list ordinary dividends and qualified dividends separately on the GIS so they can be entered separately on an individual income tax return.

B

bob942Author

If I list OD and the QD separately then they are added together and the total of the list is wrong and does match the amounts on the 1040 Form for personal tax. Does that make a difference when transferred to the 1040 Form?

A

Anonymous_

So financial advisor fees, trustee fees, attorney fees are not deductible for the trust/grantor?

It depends upon the exact nature of the services provided to the trust.

However, trustee fees would not be incurred by an individual in the absence of a trust (i.e., they are exclusive to trusts) so that expense would be deductible.

Advisory fees and attorney fees might be deductible, in whole or in part, depending upon whether the charges were made as a result of the property being held in trust. If an individual would have incurred those expenses, they would not be deductible.

Note that some of these expenses might not be deductible on a personal income tax return (1040) as a result of tax reform (the TCJA) which essentially eliminated miscellaneous itemized deductions.