CCH Axcess™ Tax - 1041 Fiduciary returns

Handle a variety of trusts, including simple trusts, complex trusts, decedent’s estates, bankruptcy estates, grantor trusts (including multi-state grantor trusts and partial grantor trusts), custodial/agency accounts, qualified funeral trusts, and electing small business trusts. Also includes split interest trusts including charitable lead trusts, grantor charitable lead trusts, charitable remainder annuity trusts, charitable remainder unitrust and pooled income funds. Form 1040-NR lets you generate a foreign trust return in the 1041 system.

Allows for specific allocation of income classes, certain deductions and credits to selected beneficiaries, along with separate distribution of depreciation and depletion - or inclusion with related income amounts. Distribution options include first and second tier beneficiary allocations, per-beneficiary distributions, and the Section 663(b) (65-day) election. Methods for allocating deductions include pro rata to all classes of income, in a specific order, and specific deductions to species classes of income.

Extensive calculations for Form 1116 (Foreign Tax Credit) and Form 8960 (Net Investment Income Tax). Calculates federal and selected state NOL. Distributes income based on amounts, decimals or a combination of both. If you have a cemetery perpetual care fund, we will calculate line 18 in accordance with IRC section 642(i) which allows for the deduction of $5 per gravesite for maintenance of cemetery property.

Import and export oil & gas/depletion data to/from Microsoft® Excel® spreadsheets and minimize data entry with an intuitive worksheet interface.

Export K-1 data for individual and applicable business returns. The K-1 import enables you to import multiple activities from the partnership system. You can suppress state K-1s on a state-by-state basis.

Complete multi-state processing for nonresident returns, including the computation of credit for taxes paid to non-resident states. Drill down to individual items to ensure itemized calculation accuracy.

Provides an option to create a beneficiary tax information letter in conjunction with a Schedule K-1. Produces tax information letters for grantors, custodial/agency accounts and non-resident beneficiaries. Creates detailed statements supporting all deduction allocations.