Residuary bequest information (706)

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Calculate residual bequest: Marital

Enter one of the codes below to indicate how the application should calculate the allocation of the residual estate to the surviving spouse.

Code Description
Blank

Use percentages entered. To allocate a portion of the residual estate to the surviving spouse, enter a percentage in the Interest in residual estate: Marital field. If there is a residual estate to allocate after considering specific allocations to spouse, charities, and other beneficiaries, the application uses this percentage to calculate the residual amount on the Schedule M Residual Interests Worksheet.

Note: You must enter a description in the Description of residual bequest field for the residual amount to print on Schedule M.

1

Sufficient to bring taxable income to zero. If there is a residual estate to allocate after considering specific allocations to spouse, charities, and other beneficiaries, the application prepares the Schedule M Residual Interests Worksheet. This worksheet provides the calculation of a residual amount equal to the unallocated estate assets that causes taxable income to calculate to zero.

Note: You must enter a description in the Description of residual bequest field for the residual amount to print on Schedule M.

2

Sufficient to bring tax to zero after applicable credit. If there is a residual estate to allocate after considering specific allocations to spouse, charities, and other beneficiaries, the application prepares the Schedule M Residual Interests Worksheet. This worksheet provides the calculation of a residual amount that causes the estate tax to calculate to zero after consideration of the applicable credit.

Note: You must enter a description in the Description of residual bequest field for the residual amount to print on Schedule M.

Calculate residual bequest: Charitable

Enter one of the codes below to indicate how the application should calculate the allocation of the residual estate to charitable organizations.

Code Description
Blank

Use percentages entered. To allocate a portion of the residual estate to charitable organizations, enter a percentage in the Interest in residual estate: Charitable field. If there is a residual estate to allocate after considering specific allocations to spouse, charities, other beneficiaries, and the residual allocation to the surviving spouse, the application uses this percentage to calculate the residual amount on the Schedule O Residual Interests Worksheet.

Note: You must enter information to identify the charitable organization receiving an allocation of the residual estate in the Information for charitable, public, and similar gifts field on this screen.

1

Sufficient to bring taxable income to zero. If there is a residual estate to allocate after considering specific allocations to spouse, charities, other beneficiaries, and the residual allocation to the surviving spouse, the application prepares the Schedule O Residual Interests Worksheet. This worksheet displays the calculation of a residual amount equal to the unallocated estate assets that causes taxable income to calculate to zero.

Note: You must enter information to identify the charitable organization receiving an allocation of the residual estate in the Information for charitable, public, and similar gifts field on this screen.

2

Sufficient to bring tax to zero after applicable credit. If there is a residual estate to allocate after considering specific allocations to spouse, charities, other beneficiaries, and the residual allocation to the surviving spouse, the application prepares the Schedule O Residual Interests Worksheet. This worksheet displays the calculation of a residual amount that causes the estate tax to calculate to zero after consideration of the applicable credit.

Note: You must enter information to identify the charitable organization receiving an allocation of the residual estate in the Information for charitable, public, and similar gifts field on this screen.

Interest in residual estate: Charitable

Because there is no way of knowing how many charitable organizations will receive the residual bequest, the application does not print the calculated residual bequest amount at the bottom of the list of charities. You must enter the information in the Information for charitable, public, and similar gifts field on this screen.

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