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Screen SIT - Split Interest Trust Information, Page 1 (1041)

Form 5227 - General Information

Fair market value of assets at end of tax year (Force)
Use this field to override the calculated amount when the balance sheet does not reflect the fair market value for the end of the year.
Amended return explanation
Enter information in this statement to mark the Amended return box on Form 5227 and Amended K-1 box on Schedule K-1.

Part II - Excluded Gross Income

Calculations for Part II consider all current-year income to be investment income. Use these fields to enter the portion of current-year gross income that should be excluded. Expenses allocate between investment and excluded income by category based on the expense allocation on the Allocation of Expense by Income Type - Tax Basis Worksheet.

Part V - Annuity and Unitrust Information

Total annual annuity amounts for all recipients (For equal allocation)
UltraTax CS automatically calculates the total annual annuity amount for Form 5227, Page 4, Part V-A, line 61b. This completes based on information on View, Beneficiary Information,  Federal, then Other Returns. Enter an amount to override this calculation. The annuity amount you enter will allocate equally among beneficiaries.
Required distribution determined with reference to accounting income
Enter
X
 to indicate that the unitrust’s governing instrument provides for determining required distributions with reference to the unitrust’s accounting income. If this field is blank, Form 5227, Page 4, Part V-B, line 62 is marked No and lines 66a through 67b are not completed.
Short-term capital gain includible if not 100%
Enter the short-term capital gain amount that should be included in accounting income. If this field is blank and the
100% of capital gains includible in accounting income
 field is blank, then no short-term capital gains will be included in the calculation of Form 5227, Page 4, Part V-B, line 66a.
Long-term capital gain includible if not 100%
Enter the long-term capital gain amount that should be included in accounting income. If this field is blank and the
100% of capital gains includible in accounting income
 field is blank, then no long-term capital gains will be included in the calculation of Form 5227, Page 4, Part V-B, line 66a.
Total accrued distribution deficiencies from previous years
Enter the distribution deficiencies from previous years for a unitrust whose governing instrument provides for current distributions to make up prior-year deficiencies. If the trust has this provision but there are no prior-year deficiencies, enter
0
 (zero).
Unitrust distribution (Force)
Use this field to override the calculated unitrust distribution amount.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
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