1041-US: Allocating excess deductions in the final year of the estate or trust (FAQ)

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IRS filing deadline update

The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.


How do I allocate excess deductions to beneficiaries in the final year of an estate or trust?


To allocate the excess deductions equally among all first-tier beneficiaries, enter X in the First tier beneficiaries: Allocate all items, except capital gains, equally field on Screen Allocate in the Allocation folder. Otherwise, enter each beneficiary's allocation of excess deductions in the Income distributions required percent field in the View > Beneficiary Information > Federal tab > Allocations group box.

Related topic: 1041-US: Beneficiary allocations FAQs

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