Enter beneficiary information
Enter or update beneficiary information, including contact details, federal allocation information, and state-specific information.
Follow these steps to enter and update information for beneficiaries. The application uses this information to calculate each beneficiary's allocation of net income and to complete federal and state returns.
note
For electronic filing purposes, 999-99-9999 for Social Security number or 99-9999999 for EIN should be used. If you file on paper, you can use ForeignUS rather than all 9s. Use
AppliedFor
only when the taxpayer or beneficiary, whether foreign or domestic, has applied to the IRS for an ID number. You can use it for electronic or paper filing.- SelectFile, thenOpen Clientto open the fiduciary client.
- SelectBeneficiary Information.noteAlternatively, selectView, thenBeneficiary Information.
- To enter information for a new beneficiary, selectBeneficiary, thenAdd.
- To update information for an existing beneficiary, choose the beneficiary in theBeneficiary Namelist.
- On theBeneficiarytab, enter information such as the beneficiary's name, address, and transmittal letter information.noteThe application uses this information to complete both the federal and state returns.
- Go to theFederaltab.
- Enter information for the allocation of net income for Form 1041, 1040NR, or 5227 and for each beneficiary's Schedule K-1 or Grantor/Agency Report.
- If you're processing 1 or more state returns for the client, use the state tabs to enter state-specific information.noteThe state tab only appears if you've added the state return for the client and the state requires state-specific information for the beneficiary.tip
- With a field selected, you can usePage UpandPage Downto go to the same field for the next or previous beneficiary in the list. This can help you to update the same information for multiple beneficiaries.
- You can add up to 3,500 beneficiaries for each fiduciary client.
