When working on a Trust Income Tax return (T Form), HandiTax has the ability to show you a summary of tax payable by the beneficiaries. The report can be used as a tool in the tax planning process. To View the Beneficiary Tax Summary, follow the steps below:
Log in to HandiTax.
Select the client and open the T form.
Click Refund.
NOTE:
The beneficiary details in the Trust Income Tax Return need to be completed.
When you only have completed the section where there is no beneficiary entitled, the refund summary will not be displayed when clicking Refund.
The beneficiary's income tax return needs to have all items completed including the trust distribution item. To provide an accurate estimate of tax payable the return should have a status of Ready to lodge.
The beneficiary needs to exist in the HandiTax database, If not, the report will reflect the status of the beneficiary with the message RETURN NOT FOUND IN DATABASE.
Non-individual beneficiaries will have a status of "NON-INDIVIDUAL", and no estimate will be provided.
The report will also reflect the total estimated tax payable / (refundable) by the beneficiaries that are found in the client database.
The Total estimated tax payable / (refundable) by beneficiaries only includes amounts for individual beneficiaries found in the client database.
Exercise care when making subsequent changes to either the Trust or Individual beneficiaries' tax returns as this will alter the report.