Complex Trust - Sec 663b Record Keeping

Forum|Forum|6 years ago
October 6, 2019
1 reply
3 views

In understand that if choose the Sec 663b election for a complex trust, I need to check off box 6 in the "Other Information" section of TurboTax.

Do I need to file any supporting schedules with the return? What kind of record keeping is required?

Anonymous_

Level 15

@MikeInFL wrote:
Do I need to file any supporting schedules with the return? What kind of record keeping is required?

The 663(b) election statement is generated automatically by TurboTax Business (see screenshot below).

With respect to record keeping, you might want to retain any financial statements that show a withdrawal, the date and amount of that withdrawal, and the payment to the beneficiary (whether by check, electronic transfer, etc.).

MikeInFLAuthor

Level 2

Thanks for the reply.

I just checked my recently filed Trust return for 2018. Even though I have the boxed 6 check, there is no form automatically generated for 663 (b). I try finding the form in TurboTax. It does not even come up. Did they removed it for 2018? Any suggestions as the return has already been mailed.

Anonymous_

Level 15

Have you tried making the election in Step-by-Step Mode (see screenshot)?

You should not be experiencing an issue with the election - it was not removed for 2018 - but you should be aware that the election is not available if your trust is a simple trust rather than a complex trust.