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Field | Details |
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Income Type | Enter a code to directly allocate the deduction to a particular income type. Leave this field blank to indirectly allocate the expense to all income types. |
Corpus Percent | Enter a percentage if an item is entirely or partially allocable to corpus rather than income. |
Investment Interest | Enter X to transfer the interest amount to Form 4952, line 1. |
Amount | Enter the expense amount. The indirect and direct allocations to tax-exempt income are subtracted from the amounts in this column, and the remaining amount transfers to the applicable line on Form 1041, 1041-QFT, 1040NR, or 5227. note
The indirect amount allocable to tax-exempt income (nontaxable income, tax-exempt interest, and tax-exempt dividends) calculates on the Allocation of Deductions for Tax-Exempt Income worksheets. |
Election | If you're claiming deductions on both Forms 706 and 1041, or waiving the right to claim expenses on Form 706, enter a code to generate the election. All of the deductions with the same code will be listed in the applicable election. |
Field | Details |
---|---|
Income Type | Enter a code to directly allocate the deduction to a particular income type. Leave this field blank to indirectly allocate the expense to all income types. |
Corpus Percent | Enter a percentage if an item is entirely or partially allocable to corpus rather than income. |
Amount | Enter the expense amount. The indirect and direct allocations to tax-exempt income are subtracted from the amounts in this column, and the remaining amount transfers to the applicable line on Form 1041, 1041-QFT, 1040NR, or 5227. note
The indirect amount allocable to tax-exempt income (nontaxable income, tax-exempt interest, and tax-exempt dividends) calculates on the Allocation of Deductions for Tax-Exempt Income worksheets. |
Election | If you're claiming deductions on both Forms 706 and 1041, or waiving the right to claim expenses on Form 706, enter a code to generate the election. All of the deductions with the same code will be listed in the applicable election. |
Field | Details |
---|---|
Income Type | Enter a code to directly allocate the deduction to a particular income type. Taxes are not allocated to tax-exempt income (nontaxable income, tax-exempt interest, and tax-exempt dividends). To directly allocate taxes to tax-exempt income, enter TE or NON in this field. To indirectly allocate taxes to tax-exempt income, enter X in the Allocate indirect tax expense to all income types field on the Allocate screen in the Allocation folder. |
Tax Type | Enter a code to identify the type of tax. This information is used on the Grantor/Agency Report, Form 1116, and certain state adjustment calculations. |
Corpus Percent | Enter a percentage if an item is entirely or partially allocable to corpus rather than income. |
Amount | Enter the expense amount. The indirect and direct allocations to tax-exempt income are subtracted from the amounts in this column, and the remaining amount transfers to the applicable line on Form 1041, 1041-QFT, 1040NR, or 5227. note
The indirect amount allocable to tax-exempt income (nontaxable income, tax-exempt interest, and tax-exempt dividends) calculates on the Allocation of Deductions for Tax-Exempt Income worksheets. |
Postal Code | Enter a postal code for the state the tax was from. This information does not appear on the federal return. Certain states use this information to calculate state adjustments. |
Election | If you're claiming deductions on both Forms 706 and 1041, or waiving the right to claim expenses on Form 706, enter a code to generate the election. All of the deductions with the same code will be listed in the applicable election. |
Field | Details |
---|---|
Income Type | Enter a code to directly allocate the deduction to a particular income type. Leave this field blank to indirectly allocate the expense to all income types. |
Corpus Percent | Enter a percentage if an item is entirely or partially allocable to corpus rather than income. |
Admin | Enter X if an item is an administrative expense of the estate or trust. UltraTax CS includes amounts from items marked with X in the calculation of adjusted gross income for purposes of the two-percent floor on miscellaneous deductions, and modified adjusted gross income on Forms 4684 and 8582. |
Amount | Enter the expense amount. The indirect and direct allocations to tax-exempt income are subtracted from the amounts in this column, and the remaining amount transfers to the applicable line on Form 1041, 1041-QFT, 1040NR, or 5227. note
The indirect amount allocable to tax-exempt income (nontaxable income, tax-exempt interest, and tax-exempt dividends) calculates on the Allocation of Deductions for Tax-Exempt Income worksheets. |
Election | If you're claiming deductions on both Forms 706 and 1041, or waiving the right to claim expenses on Form 706, enter a code to generate the election. All of the deductions with the same code will be listed in the applicable election. |