Prepare a partial grantor trust return
Do the following to create a partial grantor trust return. These types of returns are also called Crummey trusts and Five by Five trusts.
- Open the1041screen in theGeneralfolder.
- Enter information for the trust in the Identification Information section.
- SelectPartial grantor trustin theType of entityfield in the Estate/Trust Information section.
- SelectView, thenBeneficiary Information.
- Select theBeneficiarytab. Enter the beneficiary name, address, and identification number.
- Mark thePartial grantor trust beneficiarycheckbox in the tab for the beneficiary receiving a distribution on the Grantor/Agency report.noteUltraTax CS allocates partial grantor information to only 1 beneficiary.
- Select theFederaltab. Enter the information to allocate the amounts for the complex trust portion of the return.
- SelectPartial Grantor. Enter the amounts for the grantor trust portion of the return. Don't enter these amounts on any other screen in the return.
- Enter income and deductions for the complex trust portion of the return in theIncome, Deductions, and Activitiesfolder.noteThe amounts you enter for the grantor trust portion of the return don't transfer to the state return. To enter state amounts, selectPartial Grantoron the state tab.
