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Beneficiaries

Enter beneficiary information

Follow these steps to enter and update information for beneficiaries. The application uses this information to calculate each beneficiary's allocation of net income and to complete federal and state returns.
  1. Select
    File
    , then
    Open Client
     to open the fiduciary client.
  2. Select
    Beneficiary Information
    .
    note
    Alternatively, select
    View
    , then
    Beneficiary Information
    .
  3. To enter information for a new beneficiary, select
    Beneficiary
    , then
    Add
    .
  4. To update information for an existing beneficiary, choose the beneficiary in the
    Beneficiary Name
     list.
  5. On the
    Beneficiary
     tab, enter information such as the beneficiary's name, address, and transmittal letter information.
    note
    The application uses this information to complete both the federal and state returns.
  6. Select the
    Federal
     tab.
  7. Enter information for the allocation of net income for Form 1041, 1040NR, or 5227 and for each beneficiary's Schedule K-1 or Grantor / Agency Report.
  8. If you're processing 1 or more state returns for the client, use the state tabs to enter state-specific information.
    note
    The state tab only appears if you've added the state return for the client and the state requires state-specific information for the beneficiary.
    tip
    • With a field selected, you can press
      Page Up
       and
      Page Down
       to go to the same field for the next or previous beneficiary in the list. This can help you to update the same information for multiple beneficiaries.
    • You can add up to 3,500 beneficiaries for each fiduciary client.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary

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