Tax & Accounting Blog

Form 1041 Enhancements in 2013 UltraTax CS

CS Tax & Asset Management Solutions December 18, 2013

The UltraTax/1041 application is now more robust than ever. Read about enhancements to the e-filing procedure for Form 1041 returns, as well as beneficiary data entry. 

Form 1041 is now part of the IRS Modernized e-File (MeF) program

Beginning with 2013 UltraTax CS, Form 1041 returns and associated forms and schedules will be e-filed using the IRS MeF program. What does this mean for you? 

  • 2013 amended and superseded returns can be e-filed.
  • All fiscal-year filers can e-file 1041 returns.
  • Statements and schedules not available in XML format can be attached as PDF files.
  • Estimated tax payments can be electronically submitted with an MeF e-file submission. 

Beneficiary Data Entry

New for 2013, beneficiary data entry has moved to the Beneficiary Information window. To open the Beneficiary Information window, click the Beneficiary Information UltraTax CS Beneficiary Information button button or choose View > Beneficiary Information.This new data entry window for beneficiaries closely resembles that of partners and shareholders in UltraTax CS business application returns. In the Beneficiary Information window, you can enter beneficiary demographic info, allocation data, and more.  

Note: The 2013 Form 1041 application also provides Screens Allocate and Dist in the Beneficiary folder. Indicate allocation info that applies to all beneficiaries and modify net income amounts in Screen Allocate. Enter info for Form 1041, Schedule B income distribution deduction and adjustments for accounting income in Screen Dist. 

Ability to Import and Export Beneficiary Info

New for 2013 UltraTax/1041, you can export and import beneficiary info. With the Excel Import utility, you can quickly and efficiently import beneficiary info from a Microsoft® Excel® spreadsheet to the UltraTax CS Beneficiary Information window. Before you can import beneficiary info from Excel, you must begin with an Excel spreadsheet that was previously exported from UltraTax CS. You can then enter info into the Excel spreadsheet and subsequently import the data into the applicable 1041 client’s return. 

More Info?

For more info related to these 1041 application enhancements, access User Bulletin 1041US-13.2.0: Initial Release, dated December 18, 2013, from within UltraTax CS by choosing Help > Bulletins.