Enter beneficiary 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.
- 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.
- Select 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 pressPage 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.
