Prepare partial grantor return
Partial Grantor's available for nongrantor returns only. Form 2023, partial grantor return's solely data entry.
To prepare a partial grantor return:
- Go toOrganizer,General Information,Basic Return Information, and thenEntity Information.
- Select an option in theEntity Typefield, but not Grantor.
- Select theThis is a partial Grantor Returnoption.
- SelectTotal Partial Grantor Amountsand enter the total amounts. These are used for partial grantor only and aren't used anywhere else in the return.
- Next go toOrganizer,Beneficiary Info (1041),Beneficiary Information,Beneficiary Name, and thenGeneral Beneficiary Information.
- SelectBeneName/Address/Distribution Info, and find thePartial Grantor Informationsection of the screen.
- SelectThis Beneficiary is partial grantor beneficiary.
- Next enter the percentage for this beneficiary in theBeneficiary percentage for partial grantorfield. This percentage gets used to calculate partial grantor amounts only and isn't intended to be used anywhere else in the return.
- Lastly, go toTax Forms,Federal,Beneficiary Letters, and thenPartial Grantor Tax Information. You can review the partial grantor amounts for each beneficiary and then view the letter in print preview.
