Allocate estate assets and deductions to a spouse
UltraTax CS calculates the allocation of estate assets and deductions to the spouse, charities, and other beneficiaries based on data entry. It will recognize specific allocations before residual calculations occur.
This procedure explains how to allocate estate assets and deductions to the spouse on Schedule M.
- ChooseFilethenOpen Client, select the desired client, and selectOpen.
- Select theGeneralfolder, then select the 706 tab.
- Enter the decedent information, as required.
- Select theBeneficiaryfolder and then select the Names tab.
- Enter information pertaining to the surviving spouse, other individuals, trusts, other estates, and/or charitable organizations that received benefits from the estate.
- Select theAssetfolder, then select the Asset tab.
- Enter the applicable estate asset information.
- Select theSchedulefolder, then select the A-L tab.
- Enter the applicable estate deduction information.
- Select the U tab, then enter any applicable conservation easement information.
- While in theSchedulefolder, select the M&O tab.
- Choose an option for allocating your estate assets and deductions to the spouse.noteYou need to enter the percentage on the same line that you enter the values in the statement for the Marital Share column for Schedules J through L.
