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Common questions about Fiduciary Elections in Lacerte

SOLVEDby IntuitLacerte Tax14Updated July 14, 2022

Use Screen 50, Elections to make elections for a Form 1041.

  1. Open Screen 50, Elections.
  2. In the Election list, select Miscellaneous Election.
  3. Select the check box for Deduct Expenses on Form 1041.

Note: This entry will print the Election to Waive the Right to Claim Administration Expense on Form 706. The program will automatically include Fiduciary Fees, Attorney, Accountant and Preparer Fees and Other Deductions in the election

  1. Open Screen 50, Elections.
  2. In the Election list, select Misc. Elections.
  3. Select the check box for Form 706 Election/Waiver: Deduct Expenses on Form 1041 to print the Election to Waive the Right to Claim Administration Expense on Form 706.

Note: The program will automatically include Fiduciary Fees, Attorney, Accountant and Preparer Fees and Other Deductions in the election.

  1. Open Screen 50, Elections.
  2. In the Election list, select Misc. Elections.
  3. If the fiduciary elects to forgo the net operating loss carryback period, select the check box for Waive Net Operating Loss Carryback Period [172(b)(3)].

For most taxpayers, NOLs arising in tax years ending after 2020 can only be carried forward. See Net operating losses for more information.

Note: Enter any prior year net operating losses in Screen 33, NOL Carryover: Regular Tax and NOL Carryover: Alternative Minimum Tax.

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