Calculate residual bequest: Marital
Enter 1 of the following codes to indicate how UltraTax CS should calculate the allocation of the residual estate to the surviving spouse.
Code | Description |
|---|---|
Blank | Use percentages entered. To allocate a portion of the residual estate to the surviving spouse, enter a percentage in the Interest in residual estate: Marital field. If there's a residual estate to allocate after considering specific allocations to spouse, charities, and other beneficiaries, UltraTax CS uses this percentage to calculate the residual amount on the Schedule M Residual Interests Worksheet.note
You'll need to enter a description in the Description of residual bequest field for the residual amount to print on Schedule M. |
1 | Sufficient to bring taxable income to zero. If there's a residual estate to allocate after considering specific allocations to spouse, charities, and other beneficiaries, UltraTax CS prepares the Schedule M Residual Interests Worksheet. This worksheet provides the calculation of a residual amount equal to the unallocated estate assets that causes taxable income to calculate to zero. note
You'll need to enter a description in the Description of residual bequest field for the residual amount to print on Schedule M. |
2 | Sufficient to bring tax to zero after applicable credit. If there's a residual estate to allocate after considering specific allocations to spouse, charities, and other beneficiaries, UltraTax CS prepares the Schedule M Residual Interests Worksheet. This worksheet provides the calculation of a residual amount that causes the estate tax to calculate to zero after consideration of the applicable credit. note
You'll need to enter a description in the Description of residual bequest field for the residual amount to print on Schedule M. |
