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Prepare a partial grantor trust return

Do the following to create a partial grantor trust return. These types of returns are also called Crummey trusts and Five by Five trusts.
  1. Open the
    1041
     screen in the
    General
     folder.
  2. Enter information for the trust in the Identification Information section.
  3. Select
    Partial grantor trust
     in the
    Type of entity
     field in the Estate/Trust Information section.
  4. Select
    View
    , then
    Beneficiary Information
    .
  5. Select the
    Beneficiary
     tab. Enter the beneficiary name, address, and identification number.
  6. Mark the
    Partial grantor trust beneficiary
     checkbox in the tab for the beneficiary receiving a distribution on the Grantor/Agency report.
    note
    UltraTax CS allocates partial grantor information to only 1 beneficiary.
  7. Select the
    Federal
     tab. Enter the information to allocate the amounts for the complex trust portion of the return.
  8. Select
    Partial Grantor
    . Enter the amounts for the grantor trust portion of the return. Don't enter these amounts on any other screen in the return.
  9. Enter income and deductions for the complex trust portion of the return in the
    Income, Deductions, and Activities
     folder.
    note
    The amounts you enter for the grantor trust portion of the return don't transfer to the state return. To enter state amounts, select
    Partial Grantor
     on the state tab.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary

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