New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

What data entry is needed for the estate or trust to pay some or all of the tax in a final return?

Answer

The default is to distribute 100 percent of distributable net income, regardless of the entered data, because the corpus of an estate or trust must be distributed in the final year.

If part of the final distribution cannot be included on Schedule B, enter the part that may be distributed in the Income required to be distributed (Force) and Other amounts paid, credited, or distributed (required or discretionary) fields on Screen Dist in the Allocation folder.

If no income should be distributed on Schedule B, 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: Final return of Form 1041 FAQs

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