Allocating estate assets and deductions to a spouse (706)

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This procedure explains how to allocate estate assets and deductions to the spouse on Schedule M.

UltraTax CS calculates the allocation of estate assets and deductions to the spouse, charities, and other beneficiaries based on data entry. It will recognize specific allocations before residual calculations occur. This procedure explains how to allocate estate assets and deductions to the spouse on Schedule M.

  1. Choose File > Open Client, select the desired client, and click the Open button.
  2. Click the General folder, then click the 706 tab.
  3. Enter the decedent information, as required.
  4. Click the Beneficiary folder and then click the Names tab.
  5. Enter information pertaining to the surviving spouse, other individuals, trusts, other estates, and/or charitable organizations that received benefits from the estate. Refer to the Allocating estate assets to beneficiaries procedure for assistance, if necessary.
  6. Click the Asset folder, then click the Asset tab.
  7. Enter the applicable estate asset information.
  8. Click the Schedule folder, then click the A-L tab.
  9. Enter the applicable estate deduction information.
  10. Click the U tab, then enter any applicable conservation easement information.
  11. While in the Schedule folder, click the M&O tab.
  12. Choose an option for allocating your estate assets and deductions to the spouse. For more information on which option to choose, see Residuary Bequest Information.

Note: You must enter the percentage on the same line that you enter the values in the statement for the Marital Share column for Schedules J through L.