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Beneficiary allocation information
When you go to
View
, then Beneficiary Information
(or press Ctrl + R
), you'll get an Allocation Summary. This shows allocation information you've entered for all beneficiaries on the return without viewing each beneficiary. If the return is allocating differently than the Allocation Summary, review the related critical and FYI diagnostics.The following tables explain the messages you can get, in order of precedence.
Ordinary income
Message | Description |
|---|---|
Allocation based on charitable trust ordering rules | If you prepare Form 5227 for a charitable remainder annuity trust or a charitable remainder unitrust, the allocation of ordinary income to beneficiaries is based on the ordering rules in the Form 5227 instructions. Enter information for charitable remainder trusts information in the Other Returns section on the Federal tab. |
Equal Allocation | You marked the First tier beneficiaries: Allocation all items, except capital gains, equally checkbox on the Allocate screen in the Allocations folder. This has precedence over all other entries for required distributions. |
Ownership Share | You're preparing a return for a pooled income fund and there's data in Pooled income funds: Allocate based on ownership share . Data for the ownership share ratio is in the Other Returns section on the Federal tab. The allocation is based on a beneficiary's share divided by the sum of all the beneficiary's share. |
Special Allocation | Any beneficiary has data in Special Allocations on the Federal tab. A dot on this button shows there's data for the beneficiary. Data in Special Allocations has precedence over the Income Distributions data for the category of income. |
Income Distributions Allocation | Any beneficiary has an amount or percent entered in the Income distributions line in the Allocation section on the Federal tab. |
No Allocation | No allocations are entered for the beneficiaries on a non-final return. |
Default Equal Allocation | No allocations are entered for a simple trust, grantor trust, agency relationship, or a final return. |
Capital Gains
Message | Description |
|---|---|
Allocation based on charitable trust ordering rules | If Form 5227 is being prepared for a charitable remainder annuity trust or a charitable remainder unitrust, the allocation of ordinary income to beneficiaries is based on the ordering rules in the Form 5227 instructions. Enter charitable remainder trusts information in the Other Returns section on the Federal tab. |
Equal Allocation | You marked the First tier beneficiaries: Allocate capital gains equally checkbox on the Allocate screen in the Allocations folder. This has precedence over all other entries for required distributions. |
Ownership Share | You're preparing a return for a pooled income fund and Pooled income funds: Allocate based on ownership share has data. You enter ownership share ratio information in the Other Returns section on the Federal tab. The allocation is based on a beneficiary's share divided by the sum of all the beneficiary's share. |
Allocation by Amount | Any beneficiary has an amount entered for short-term or long-term capital gains in the Allocations section on the Federal tab. |
Allocation by Percent | Any beneficiary has a percent entered for short-term or long-term capital gains in the Allocations section on the Federal tab |
No Allocation | No allocations are entered for the beneficiaries on a non-final return |
Default Equal Allocation | No allocations are entered for a final return. |
This article applies to:
- Product: UltraTax CS
- Return type: 1041 Fiduciary