Beneficiary exemptions on a final year return
Beneficiary exemption amounts on a final year return are zero.
The exemption amount's available for the fiduciary, not the beneficiary. In a final year, 0 will print and the Organizer override's disregarded.
If you want to have an exemption amount on the return (and therefore have taxable income presented as a negative amount), then you need to enter the override on the Tax Form (1041, Page 1). Go to
Tax Forms
and select Federal
, then 1041-U.S. Income Tax Return for Estate
.
