1041-US: Allocating items equally without Beneficiary Information window allocation data entry (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.

Question

How do I allocate items equally to all beneficiaries without entering allocations for every beneficiary in View > Beneficiary Information?

Answer

For estates and all types of trusts, enter X in the First tier beneficiaries: Allocate all items, except capital gains, equally field on Screen Allocate in the Allocation folder. This field applies to all of the non-capital income amounts on all returns and overrides all amounts and percentages entered in View > Beneficiary Information.

Note: To exclude a beneficiary from this calculation, enter X in the Exclude from equal allocation field for the specific beneficiary in View > Beneficiary Information > Beneficiary tab > Other Information group box.

Related topic: 1041-US: Beneficiary allocations FAQs

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