Beneficiary Information > Beneficiary tab

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Use this tab to enter general beneficiary information such as name, address, and filing instruction information. The application uses this information to complete both the federal and state returns.

To update general beneficiary information, open the Beneficiary Information window, and click the Beneficiary tab.

Tips

  • To add a new beneficiary, click the Add Add button button or press CTRL+A. UltraTax CS opens a blank Beneficiary tab where you can enter the new beneficiary's information. You can add up to 3500 beneficiaries for each estate or trust.
  • To update an existing beneficiary's general information, highlight the appropriate beneficiary in the Beneficiary Name list to the left of the Beneficiary Information window, and edit the information in the Beneficiary tab.
  • To delete a beneficiary, highlight the appropriate beneficiary in the Beneficiary Name List to the left of the Beneficiary Information window, and click the Delete Delete button button or press CTRL+D.

Fields & buttons

Information group box

If you change the entity type after entering the name of the beneficiary, you will need to re-enter the name.

If the foreign beneficiary does not have an identification number, enter ForeignUS. A number entered without hyphens defaults to ###-##-#### format.

When the Require a password to display SSN checkbox is marked in the Setup > Security tab, the Social Security number displays as "###-##-####." For more information on masking Social Security Numbers, see Modify Password to Display SSNs dialog.

Other Information group box

If you entered beneficiary information from the will or trust agreement but do not want a Schedule K-1 prepared for the current-year return, mark this checkbox to suppress printing of the Schedule K-1 for this beneficiary.

Notes

  • If the beneficiary does not receive an allocation and is not suppressed, a Schedule K-1 prints for this beneficiary with “NO TAXABLE INCOME” above Part I.
  • This field is not available for charitable remainder trusts, qualified subchapter S trusts, grantor trusts, or agency relationship returns.
  • If the Suppress printing of this Schedule K-1 checkbox is marked, the Schedule K-1 for this beneficiary will not be included in the electronic file.

Mark this checkbox to indicate on the Grantor / Agency Report that this is the beneficiary who receives the income and related deductions. Once marked, enter information in the Partial Grantor dialog (Federal tab > Partial Grantor button) for this beneficiary.

Only one beneficiary will have a Grantor / Agency report. Once the checkbox has been marked for a beneficiary, the checkbox is disabled for all other beneficiaries. To change to a different beneficiary, clear the checkbox for the initial beneficiary to enable the checkbox for another beneficiary.

Enter notes and additional information for this beneficiary to print on a Schedule K-1, box 14 statement. If you prepare a grantor trust or agency relationship return, the information prints on the Grantor / Agency Report. If there is additional information to print on each of these beneficiary’s Schedules K-1 or Grantor / Agency Reports, enter the information in the statement dialog for the Schedule K-1 / Grantor Report general footnote field on Screen 1041.

Notes

  • To enter notes and additional information to print on the Grantor / Agency Report prepared for a qualified subchapter S trust, use the Qualified subchapter S trust: Additional information field on the Federal tab > Other Returns section instead of this field.
  • To enter notes and additional information to print on the Grantor / Agency Report prepared for a partial grantor trust, use the statement dialog for the Additional Information field on the Federal tab > Partial Grantor button instead of this field.

Transmittal Letter group box

If this field is blank, you'll see the salutation "Dear Beneficiary" on the transmittal letter.

Mark this checkbox to generate a transmittal letter and slipsheet from the fiduciary instead of your firm. 

To generate a transmittal letter from the fiduciary to all beneficiaries of this estate or trust, enter X in the Beneficiary transmittal letter and slipsheet from fiduciary field on Screen Letter.

Mark this checkbox to indicate that the beneficiary is a 1040 client. This generates a paragraph regarding the firm retaining a copy of Schedule K-1 or the Grantor / Agency Report to prepare the individual tax return for this particular beneficiary. 

If you mark this checkbox, the Schedule K-1 or Grantor / Agency Report instructions also print for this beneficiary when the Print beneficiary instructions when a 1040 client checkbox is marked in the Setup > 1041 Fiduciary > Other Return Options > General tab.

Note: Regardless of whether this field is marked, the Schedule K-1 or Grantor / Agency Report instructions print only if the instructions are marked "As Required" in the tax return collation or in the beneficiary package. For information about updating the collation, see Customizing the print collation for shareholder, partner, beneficiary, and participant packages.

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