Common questions for Fiduciary Miscellaneous Information

Table of contents:

How to mark the federal return as Initial or final.

1. Go to Screen 2.1, Miscellaneous Information.
2. Under the section Estate/Trust Information, select the box Initial return.
3. Under the section Final Year Estate/Trust, select the box Final return.
   • Select both boxes to mark the return as Initial and Final.

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How to generate a short-year return.

1. Go to Screen 2.1, Miscellaneous Information.
2. Select the box Short tax year for depreciation (if applicable).
3. Enter the Beginning fiscal year date [O] (M/D/YYYY).
4. Enter the Ending fiscal year date [O] (M/D/YYYY).
5. Enter the number of months in Number of months (negative to annualize).

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Common questions about split-interest charitable trusts other types of trusts.

Split-interest means the interest in the property is split into two parts: the income interest and the remainder interest. Both interests can be assigned to a charity or charities, one or more non-charitable beneficiaries, or both, depending on the type of trust.

The most common type of split-interest charitable trust is the charitable remainder trust. A charitable remainder trust will pay the income portion of the split interest trust to one or more non-charitable beneficiaries, with the remainder interest going to charity at the end of the trust life.  

A charitable remainder trust can be established either by will or by an inter vivos transfer. If the amount that should be distributed to the income beneficiary is greater than trust accounting income, then the trust must pay the difference out of corpus.

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Additional reference links.

Explore our frequently asked questions for solutions related to fiduciary returns. Use the links below to find information on:

• Marking federal returns as initial or final in Lacerte
• Generating/Preparing a Short Year Return
• Common questions about split-interest charitable trusts and pooled income funds

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