Trust Tax- How to allocate income to a beneficiary

Article ID

trust-tax-how-to-allocate-income-to-a-beneficiary

Article Name

Created Date

18th August 2022

Product

Problem

IRIS Trust Tax- How to allocate income to a beneficiary

Resolution

For example with a Discretionary Trust type (under Client/view)

1.Select ‘Other Information’ on leftside

2.Payments to beneficiaries(tax pool)

3.Payments of Income OR Capital payments to beneficiaries

4.Select New if no one is listed in the box. Find and add the beneficiary from the pull down list – then add in their allocated income as well. OK. Now the beneficiary will be listed with their income.

5. This will also auto fill in the R185 form

If you want to fill in R185 another way: https://www.iris.co.uk/support/knowledgebase/kb/trust-tax-r185-form-statement-of-income-from-estates-to-beneficary/

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