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Generating fiduciary Form 5227 for a charitable trust in Lacerte
by Intuit• Updated 11 months ago
Follow these steps to generate Form 5227 for a charitable trust for tax year 2021 and newer:
- Go to Screen 1, Client Information.
- Scroll down to the Miscellaneous Info section.
- Locate the Type of Entity field.
- Select Charitable Trust from the Type of Charitable Trust dropdown menu.
- Complete all other applicable information on this screen.
- Go to Screen 6, Beneficiary/Grantor Information.
- Complete any applicable information for each beneficiary.
- Go to Screen 8, Annuity/Unitrust Distribution.
- Enter the Percentage (xxx.xxxxxx) for each beneficiary.
- This should be no less than 5% and no more than 50%.
- Complete all screens applicable to the trust including screens listed under Income and Deductions on the Detail tab.
- Complete any applicable information on each of the following screens:
- Screen 48.1, Form 5227
- Screen 48.2, Form 5227 - Part III - Assets and Donor Info.
- Screen 49.1, Balance Sheet
Additional information
- For a charitable remainder annuity trust (CRAT), you need to complete the Initial fair market value placed in trust field under the Part VI Charitable Remainder Unitrusts section on Screen 48.1.
- This amount is used to determine the total annual annuity amounts for all recipients by multiply this amount by the percentages entered in Screen 8, Annuity/Unitrust Distribution. These amounts flow to Part V line 1(a) and 1(b).
- For a Charitable Remainder Unitrust (CRUT), you need to enter the FMV column of the Assets and Liabilities sections on Screen 49.1, Balance Sheet.
- The net amount is multiplied by the percentages entered in Screen 8, Annuity/Unitrust Distribution to calculate the Unitrust amount on Part VI line 4(b).
- Additional entries may be required in Part V-B Charitable Remainder Unitrusts section of Screen 48.1.
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