Preparing a partial grantor trust return

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Use this procedure to enter information for a partial grantor trust return. These returns may also be known as Crummey trusts and Five by Five trusts.

  1. In the folders block, click the General folder, and open Screen 1041.
  2. In the Identification Information section, enter information applicable for the trust.
  3. In the Estate / Trust Information section, in the Type of entity field, select Partial grantor trust from the fieldview.
  4. Choose View > Beneficiary Information.
  5. Click the Beneficiary tab, and enter beneficiary name, address, and identification number.
  6. In the tab for the beneficiary who is receiving a distribution on the Grantor / Agency Report, mark the Partial grantor trust beneficiary checkbox.

    Note: UltraTax/1041 allocates partial grantor information to only one beneficiary.

  7. Click the Federal tab, and enter information to allocate the amounts for the complex trust portion of the return.
  8. Click the Partial Grantor button, and enter amounts for the grantor trust portion of the return. These amounts should not be entered on any other screen in this return.
  9. Enter income and deductions for the complex trust portion of the return in the Income, Deductions, and Activities folders.

Note: The amounts you enter for the grantor trust portion of the return do not transfer to the state return. To enter state amounts, click the Partial Grantor button on the applicable State tab.

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