UltraTax CS
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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
How do I allocate federal tax withheld to the beneficiary?
Answer
Per the form instructions, only backup withholding may be allocated to beneficiaries. See Schedule K-1 for the backup holding amount.
- Enter the federal withholding on the appropriate activity (in the Income, Broker, 1099M, 1099R, W2, W2G, PayExt, or K1-3 screens).
- Select the Allocation folder, then the Allocate tab.
- Enter the number from Schedule K-1, line 13, box B in the Section 3406 backup withholding allocated to beneficiaries field.
Note: This portion is allocated to the beneficiaries based on the allocation method indicated (equal or percentage).
Related topic: 1041-US: Beneficiary allocations FAQs
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