Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen Balance - Balance Sheet (1041)

Overview

Use this screen to enter assets and liabilities for Form 5227, Part IV Balance Sheet. Enter amounts in the
Fair Market Value
 column only for Charitable remainder unitrusts.

Net Assets

Adjust for miscellaneous deduction
Entering
X
 here adjusts the trust principal or corpus for the amount of miscellaneous deductions not allowed. This adjustment displays in the statement for Form 5227, Part IV, line 57.
Trust principal or corpus / Beginning of Year / End of Year
Use the statement to enter adjustments made to the original trust principal or corpus for additional assets added or adjusted.
Undistributed: Income and profits / Beginning of Year / End of Year (Force)
For a charitable remainder trust, the end-of-year undistributed amounts calculate on Form 5227, Page 7, Schedule A, Part I. To override the amount for Form 5227, Page 3, line 58a, column (b) enter the amount of undistributed income in the
End of Year
 field.
Undistributed: Capital gains / Beginning of Year / End of Year (Force)
For a charitable remainder trust, the end-of-year undistributed amounts calculate on Form 5227, Page 7, Schedule A, Part I. To override the amount for Form 5227, Page 3, line 58b, column (b) enter the amount of undistributed capital gains in the
End of Year
 field.
Undistributed: Nontaxable income / Beginning of Year / End of Year (Force)
For a charitable remainder trust, the end-of-year undistributed amounts calculate on Form 5227, Page 7, Schedule A, Part I. To override the amount for Form 5227, Page 3, line 58c, column (b) enter the amount of undistributed nontaxable income in the
End of Year
 field.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close