Allocating residual estate (706)

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UltraTax CS recognizes specific allocations before residual calculations occur. This procedure assumes that you have entered the applicable decedent, spouse, asset, and deduction information in the General, Asset, and Schedule folders.

  1. Click the General folder, then click the Names tab.
  2. Enter information pertaining to individuals, trusts, or other estates who received benefits from the estate.
    • If this beneficiary is a co-tenant of joint property, enter the beneficiary's address in the second section and a letter in the Schedule E, co-tenant letter field.
    • If a portion of the estate was allocated to this beneficiary using a percentage, even if also receiving a specific amount, enter the percentage in the Percentage of: Residual estate field or Percentage of: Gross estate field. Use the format ###.#### to enter percentages. For example, for 50 percent enter 50. It appears in the field as 50.0000.
    • If there is any allocation of the residual estate to a beneficiary after allocation of the residual estate to spouse or charities (if applicable), the application prepares an Allocation of Residual Estate to Beneficiaries Worksheet displaying the amount available for allocation.

If UltraTax CS is not allocating amounts to beneficiaries on the Allocation of Residual Estate to Beneficiaries Worksheet as expected, review the following data entry points to make sure two different methods of allocation aren't being used for the same asset. You can view the worksheet in the forms view of the Bene folder.

If you're using the Beneficiary / ratio fieldview on each entered asset and allocating 100.0000 percent of the asset value, remove any entry in the Specific amount received field on Screen Names and the Allocation of Residual Estate to Beneficiaries Worksheet should calculate as expected.

Note: For the best results you should only use one or two methods to allocate assets.

For information on allocating estate assets to beneficiaries, see this article.

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