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Common questions about Schedule R for Form 706 in Lacerte
by Intuit• Updated 3 months ago
Table of contents:
To generate Form 706, Schedule R line 9:
- Navigate to Screen 31, Schedule R - Generation Skipping Tax
- In the left hand navigation, select Part 1 - Trusts Exemption Allocation
- Complete all necessary entries:
- Trust name
- Trust's EIN
- GST exemption allocated on Sch. R, Part 2, 3, or Sch. R-1
- Additional GST exemption allocated
- Trust's inclusion ratio
- Click on Add from the bottom left navigation panel to add additional entries
- Note: Verbiage cannot be entered in lieu of figures in order to reference an attachment.
To generate Schedule R, Part 1:
In order to generate schedule R, Part I, you must have a minimum of an entry on Screen 31.1 "Decedent against decent lifetime tran" and Screen 31.2.
Why is my Schedule R not generating after inputting information into Screen 31.2, Schedule R, Part 1 - Trusts Exemption Allocation?
The Schedule R will not generate without a beneficiary designated as a "skip person".
To designate a beneficiary as a skip person:
- Go to Screen 2, Beneficiary Information
- Mark the checkbox Skip Person?
How do I generate Schedule R, Part 3?
The Schedule R will not generate without a beneficiary designated as a "skip person".
To designate a beneficiary as a skip person:
- Go to Screen 2, Beneficiary Information
- Mark the checkbox Skip Person?
- Go to Screen 34, Beneficiary Allocations.
- Mark the checkbox for Schedule R, Part 3.
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