ExacTax, Inc. - Tax Preparation Solution

1041 FIDUCIARY

ExacTax 1041 FIDUCIARY offers time-saving features and capabilities for your fiduciary returns.

1041 FIDUCIARY Features Checklist

1041 FIDUCIARY BUILT-IN FEATURES

All 1041 states
Prepares Form 5227 for trusts with accumulation of charitable amounts and split-interest trusts
Ability to print detailed allocation information for beneficiaries for analysis and review
Ability to print a collated beneficiary package with all federal and state forms for each beneficiary
Multiple state processing capability

1041 FIDUCIARY ALLOCATION FEATURES

Calculate distributions appropriately for:
- A charitable remainder trust
- First- and second-tier beneficiaries
Indirect expenses to tax-exempt income
All income types equally among the beneficiaries
Income based on amount, percentage, or combination
Deductions to various classes of income using two methods
Specific classes of income
Allows for allocation of deductions/credits among the fiduciary and beneficiaries on a simple return
Depreciation and depletion among the fiduciary or beneficiaries, or net them against income
Nontaxable income to charitable deductions

1041 FIDUCIARY AUTOMATIC CALCULATIONS

Applies expenses appropriately between tax-exempt income and taxable income
Passive activity loss limitations
Limitation of itemized deductions subject to the 2% of adjusted gross income limitation
AMT and credit for prior-year minimum tax

1041 FIDUCIARY WORKSHEETS and REPORTS

Schedule I
Schedule J Allocation
Schedule K-1 Supplement
Schedule T Supplement
Tax-Exempt Allocation Worksheets
Underpayment of Estimated Tax
Multiple worksheets for Schedule D Issues (1250, 28% Rate Gains, AMT, Capital Gains Tax, Investment Income, Loss Carryovers, Qualified 5-Year Gains)

1041 FIDUCIARY FORMS

1041
1041-A
1041-ES
1041-T
Schedule C, D, E, F, H*, J, K-1
56*
1045*
1116
2210
2210F

2758
2848
3468*
3800, Pg. 1
4136
4255*
4562
4684
4797
4835
4952

4970*
4972*
5227
5884
6198*
6252
6765*
6781*
8082*
8271
8453-F

8582
8582-CR
8586*
8594*
8609, Sch. A*
8736
8800
8801
8821
8822*
8824, Pg. 1

8826*
8830
8861*
8868
706GS (D-1)*
706GS (T)*
706 QDT*
TD F 90-22.1*
SS-4*
W-7P*

* Non-calculating form

1041 FIDUCIARY ALL STATES and LOCAL SOFTWARE

Authorized

Provider