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Allocate residual estate
UltraTax CS recognizes specific allocations before residual calculations occur. This article assumes that you have entered the applicable decedent, spouse, asset, and deduction information in the General, Asset, and Schedule folders.
- Select theGeneralfolder, then select the Names tab.
- Enter information pertaining to individuals, trusts, or other estates who received benefits from the estate.
- If this beneficiary is a co-tenant of joint property, enter the beneficiary's address in the 2nd section and a letter in theSchedule E, co-tenant letterfield.
- If a portion of the estate was allocated to this beneficiary using a percentage, even if also receiving a specific amount, enter the percentage in thePercentage of: Residual estatefield orPercentage of: Gross estatefield.noteUse the format ###.#### to enter percentages. For example, for 50% enter50. It appears in the field as 50.0000.
- If there is any allocation of the residual estate to a beneficiary after allocation of the residual estate to spouse or charities (if applicable), the application prepares an Allocation of Residual Estate to Beneficiaries Worksheet displaying the amount available for allocation.
If UltraTax CS isn't allocating amounts to beneficiaries on the Allocation of Residual Estate to Beneficiaries Worksheet as expected, review the following data entry points to make sure 2 different methods of allocation aren't being used for the same asset. You can view the worksheet in the forms view of the
Bene
folder.
- Beneficiaryfolder, theNamesscreen, thenSpecific amount receivedfield.
- Assetfolder, Asset tab, thenBeneficiary / ratiofieldview on each input screen unit.
If you're using the
Beneficiary / ratio
fieldview on each entered asset and allocating 100.0000 percent of the asset value, remove any entry in the Specific amount received
field on the Names
screen and the Allocation of Residual Estate to Beneficiaries Worksheet should calculate as expected.note
For the best results you should only use 1 or 2 methods to allocate assets.