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Data Sharing

Data sharing and reporting grantor trust data

Per the IRS Form 1041 instructions, a grantor trust may file Form 1041 or use an optional filing method that doesn't require filing Form 1041. UltraTax CS only supports the filing Form 1041 method using a separate employer identification number (EIN) issued to the trust. Presumably, all trust activity is reported to the IRS with the trust's EIN, not the grantor' social security number. Therefore, to avoid IRS-matching problems, grantor trust data will be shared to the K1T screen, located in the K1 1041 folder. This will result in summarized reporting of the grantor trust data on the grantor's Form 1040.
important
If the fiduciary uses an optional filing method and items are reported under the grantor's social security number, do not share data from 1041 to 1040. Do the following to turn off data sharing for an open 1041 client:
  1. Select
    File
    ,
    Client Properties
    , then
    Advanced Properties
    .
  2. Mark the
    Exempt this client from all Data Sharing functionality
     checkbox on the Restrict Access tab.
In addition, data from these types of grantor trusts shouldn't be entered in the K1T screen, located in the K1 1041 folder. Instead, enter the amounts from the Grantor Report on the applicable screen to report the items in detail on the grantor's tax return. For example, instead of entering interest in the
Interest
 statement window in the K1T screen, enter interest in the
Interest income
 field in the B&D screen, located in the Income folder.

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