To generate the required election statement:
- Go to Screen 31 Taxes and Fees
- Enter Fiduciary Fees and/or Attorney & Accountant Fees
- Then go to Screen 50 Elections, and click on the Miscellaneous Elections link
- Miscellaneous Elections section select checkbox Deduct Expenses on 1041
If applicable, check the Print signature block with election box
The fees shown on the election statement are taken from Screen 31, Taxes and Fees. Screen 31 also has a section, Form 706 Election, containing input fields that override the calculated numbers on the election statement only.
Note: The program will automatically include Fiduciary Fees, Attorney, Accountant and Preparer Fees and Other Deductions in the election.