Enter Schedule O charitable bequests
Do the following to enter a charitable bequest:
- Go to theNamesscreen located in theBeneficiaryfolder.
- When you enter information, you may need to add a unit of theNamesscreen:
- Right-click and selectAdd Unit.
- In the Entity type field view, selectCfor Charitable organization.
- Enter information in theIf charitable organization, character of institutionfield and the Address Information section of theNamesscreen.
noteDon't enter information in the Additional Beneficiary Information section of theNamesscreen. This isn't for charitable organizations. - Go to theM&Oscreen in theSchedulefolder.
- In the Schedule O - Charitable Gifts and Bequests section, open theInformation for charitable, public, and similar giftsstatement.
- Select the charity. If the charity isn't listed, return to step 1.
- Enter a specific amount or a residual percentage. If you enter a residual percentage, enter it in the format of ###.##, where 50% would be 50.00. The Residual Percent column, which states that the charities receive 100% of the charitable residual bequest, should total to 100%. The application calculates this on the Schedule O Residual Interests Worksheet, located in theOfolder in forms view.
- SelectOK.
- If you're allocating a specific amount to a charitable organization, go to step 9. If you're allocating or calculating a charitable residual bequest, enter the total percentage that all charities are to receive of the residual estate in theInterest in residual estatefield in the Residuary Bequest Information section of theM&Oscreen. Make sure it's entered under theCharitabledropdown.
- Once entered, switch to forms view and review the Schedule O Residual Interests Worksheet, located in theOfolder.
