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Beneficiary Information > Beneficiary tab
Use this tab to enter general beneficiary information such as name, address, and filing instruction information. The application uses this information to complete both the federal and state returns.
To update general beneficiary information, open the Beneficiary Information window, and select the Beneficiary tab.
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- Toadda new beneficiary, click the Add button or press CTRL+A. UltraTax CS opens a blank Beneficiary tab where you can enter the new beneficiary's information. You can add up to 3500 beneficiaries for each estate or trust.
- Toupdatean existing beneficiary's general information, highlight the appropriate beneficiary in the Beneficiary Name list to the left of the Beneficiary Information window, and edit the information in the Beneficiary tab.
- Todeletea beneficiary, highlight the appropriate beneficiary in the Beneficiary Name List to the left of the Beneficiary Information window, and click the Delete button or press CTRL+D.
- Use the Allocation Summary at the top of the dialog to see information you've entered for all beneficiaries.
Information group box
Entity
If you change the entity type after entering the name of the beneficiary, you will need to re-enter the name.
SSN / EIN
If the foreign beneficiary does not have an identification number, enter
ForeignUS
. A number entered without hyphens defaults to ###-##-#### format.note
When the
Require a password to display SSN
checkbox is marked in the Setup then Security tab, the Social Security number displays as "###-##-####." For more information on masking Social Security Numbers, see Modify Password to Display SSNs dialog.Other Information group box
Suppress printing of this Schedule K-1
If you entered beneficiary information from the will or trust agreement but do not want a Schedule K-1 prepared for the current-year return, mark this checkbox to suppress printing of the Schedule K-1 for this beneficiary.
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- If the beneficiary does not receive an allocation and is not suppressed, a Schedule K-1 prints for this beneficiary with “NO TAXABLE INCOME” above Part I.
- This field is not available for charitable remainder trusts, qualified subchapter S trusts, grantor trusts, or agency relationship returns.
- If the Suppress printing of this Schedule K-1 checkbox is marked, the Schedule K-1 for this beneficiary will not be included in the electronic file.
Partial grantor trust beneficiary
Mark this checkbox to indicate on the Grantor / Agency Report that this is the beneficiary who receives the income and related deductions. Once marked, enter information in the Partial Grantor dialog (Federal tab then Partial Grantor button) for this beneficiary.
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Only one beneficiary will have a Grantor / Agency report. Once the checkbox has been marked for a beneficiary, the checkbox is disabled for all other beneficiaries. To change to a different beneficiary, clear the checkbox for the initial beneficiary to enable the checkbox for another beneficiary.
Additional information
Enter notes and additional information for this beneficiary to print on a Schedule K-1, box 14 statement. If you prepare a grantor trust or agency relationship return, the information prints on the Grantor / Agency Report. If there is additional information to print on each of these beneficiary’s Schedules K-1 or Grantor / Agency Reports, enter the information in the statement dialog for the
Schedule K-1 / Grantor Report general footnote
field on the 1041 Screen.note
- To enter notes and additional information to print on the Grantor / Agency Report prepared for a qualified subchapter S trust, use theQualified subchapter S trust: Additional informationfield on the Federal tab then Other Returns section instead of this field.
- To enter notes and additional information to print on the Grantor / Agency Report prepared for a partial grantor trust, use the statement dialog for theAdditional Informationfield on the Federal tab then Partial Grantor button instead of this field.
Transmittal Letter group box
Salutation
If this field is blank, you'll see the salutation "Dear Beneficiary" on the transmittal letter.
Letter / slipsheet from fiduciary
Mark this checkbox to generate a transmittal letter and slipsheet from the fiduciary instead of your firm.
To generate a transmittal letter from the fiduciary to all beneficiaries of this estate or trust, enter
X
in the Beneficiary transmittal letter and slipsheet from fiduciary
field on the Letter Screen.Beneficiary is a 1040 client
Mark this checkbox to indicate that the beneficiary is a 1040 client. This generates a paragraph regarding the firm retaining a copy of Schedule K-1 or the Grantor / Agency Report to prepare the individual tax return for this particular beneficiary.
If you mark this checkbox, the Schedule K-1 or Grantor / Agency Report instructions also print for this beneficiary when the
Print beneficiary instructions when a 1040 client
checkbox is marked in the Setup, 1041 Fiduciary, Other Return Options, then General tab.note
Regardless of whether this field is marked, the Schedule K-1 or Grantor / Agency Report instructions print only if the instructions are marked "As Required" in the tax return collation or in the beneficiary package.