1041-US: Allocating no excess deductions to beneficiaries in the final year of an 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.

Question

How do I not allocate excess deductions to beneficiaries in the final year of an estate or trust?

Answer

To not allocate the excess deductions to any beneficiary in the final year, enter X in the Allocate no income or excess deductions to beneficiaries on final return field on Screen Allocate in the Allocation folder.

Related topic: 1041-US: Beneficiary allocations FAQs

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