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Calculate residual bequest: Charitable
Enter 1 of the following codes to indicate how UltraTax CS should calculate the allocation of the residual estate to charitable organizations.
Code | Description |
|---|---|
Blank | Use percentages entered. To allocate a portion of the residual estate to charitable organizations, enter a percentage in the Interest in residual estate: Charitable field. If there's a residual estate to allocate after considering specific allocations to spouse, charities, other beneficiaries, and the residual allocation to the surviving spouse, UltraTax CS uses this percentage to calculate the residual amount on the Schedule O Residual Interests Worksheet.note
You'll need to enter information to identify the charitable organization receiving an allocation of the residual estate in the Information for charitable, public, and similar gifts field on this screen. |
1 | Sufficient to bring taxable income to zero. If there's a residual estate to allocate after considering specific allocations to spouse, charities, other beneficiaries, and the residual allocation to the surviving spouse, UltraTax CS prepares the Schedule O Residual Interests Worksheet. This worksheet displays the calculation of a residual amount equal to the unallocated estate assets that causes taxable income to calculate to zero. note
You'll need to enter information to identify the charitable organization receiving an allocation of the residual estate in the Information for charitable, public, and similar gifts field on this screen. |
2 | Sufficient to bring tax to zero after applicable credit. If there's a residual estate to allocate after considering specific allocations to spouse, charities, other beneficiaries, and the residual allocation to the surviving spouse, UltraTax CS prepares the Schedule O Residual Interests Worksheet. This worksheet displays the calculation of a residual amount that causes the estate tax to calculate to zero after consideration of the applicable credit. note
You'll need to enter information to identify the charitable organization receiving an allocation of the residual estate in the Information for charitable, public, and similar gifts field on this screen. |