Grantor Letters & IRS Form K-1 I am the recipient of a Grantor Letter in respect of a trust, type unspecified, named "Metropolitan Creditors Trust". The trust was formed to settle the affairs of the bankrupt Metropolitan Mortgage company. I struggle to understand how to transfer correctly to my Federal tax return the information contained in the Grantor Letter.
It seems to me that, originating in a trust, the gain/loss information should be treated as if it originated on a Form K-1; but I cannot map to a Form K-1 format the Grantor Letter information in the format in which it is provided.
The format supplied by the trust administrator, using the grantor letter is:
INCOME:
Interest income.
Passive Income/Loss from partnerships.
LONG-TERM CAPITAL GAIN(LOSS)
Securities Sales & other Non-passive Transactions.
Gain(Loss) from Partnership, S Corps, and Trusts
OTHER INCOME.
Ordinary Income(Loss)
How do I map these category headers to Form K-1 boxes in order to file a correct tax return?
The process is not made easier by the fact that I use the HR Block tax software and the question and answer process offers few, if any, clues to resolving the Grantor Letter format into responses to the HR Block 'interview' questions.
I would be grateful for any assistance that may be offered, thank you. |