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Federal input screens

Screen OthInfo - General, Questions, Miscellaneous (1041)

General Information

Described in section 4947(a)(1)
Enter
X
 to mark the
Described in section 4947(a)(1)
 box on Form 1041, Page 1. If the trust files Form 5227 and this field is blank then UltraTax CS automatically marks the
Described in section 4947(a)(2)
 box on Form 1041, Page 1.
Private foundation
If the trust is a charitable trust described in section 4947(a)(1), UltraTax CS automatically marks the
Not a private foundation
 box on Form 1041, Page 1. Enter
X
 to clear the
Not a private foundation
 box.
Qualified grantor trust final return (regulation 1.671-4(g))
Enter
X
 to indicate that the trustee is changing to one of the optional methods for reporting grantor trust information instead of using Form 1041. If you mark this field, UltraTax CS will print "Pursuant to regulation 1.671-4(g), this is the final Form 1041 for this grantor trust" on Form 1041, Page 1.
Type of trust (State use only)
You can mark more than one type of trust. This is for state purposes only and won't appear on the federal Form 1041.
Spousal portion of $25,000 allowed for PALs from rental real estate activities
Enter the portion of the $25,000 limit that the surviving spouse will use on their return. The decedent’s estate return uses the remainder. Form 8582, Part II calculates for estates open less than two years with active participation in rental real estate.

Page 2 Questions

Distributions were made within first 65 days (Section 663(b) election)
In the statement, enter an amount and date for each beneficiary you select to generate an
Election to Treat Trust or Estate Distributions as Made in Preceding Tax Year
, and to mark Form 1041, Page 2, Other Information, line 6. You must enter beneficiaries in View then Beneficiary Information for their names to appear in this statement.
Distributed property sold to beneficiary at fair market value (Section 643 (e)(3) election)
In the statement, enter an amount of distribution and date for each beneficiary you select to generate a
Disclosure Statement in Connection with a Section 643(e)(3) Election
, and to mark Form 1041, Page 2, Other Information, line 7. You must enter beneficiaries in View then Beneficiary Information for their names to appear in this statement.
Explanation if decedent’s estate has been open for more than 2 years
Enter an explanation for the delay in closing the descendant’s estate when the
Date created / decedent’s date of death
 field on the 1041 screen is at least two years prior to the current year end. Information displays on Form 1041, Page 2, Other Information, line 8. UltraTax CS also prepares Forms 2210 and 1041-ES, as applicable.

Client Carryforward Memos and Checklists

Information that you enter in these statements display in the preparer collation on the Client Memo Worksheet.
Record of stock purchases
Use this statement to enter the details of stock purchases to help you prepare Schedule D at the time of their sale. When you close this statement, any line that has information in the
Date Sold
 and
Sales Price
 fields automatically transfers to the
Capital gains or (losses)
 statement on the Income screen and goes on the return. Once this information transfers, you must make any modifications in the
Capital gains or (losses)
statement on the Income screen.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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