topic Re: Complex Trust - Sec 663b Record Keeping in Retirement tax questions https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861111#M77180 <P>I am away so cannot check if any difference if using the step by step.&nbsp; However, the filed return do show the election box checked. It does not include the support schedule.</P> Tue, 08 Oct 2019 02:04:38 GMT MikeInFL 2019-10-08T02:04:38Z Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/complex-trust-sec-663b-record-keeping/01/860144#M77112 <P>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.</P><P>&nbsp;</P><P>Do I need to file any supporting schedules with the return?&nbsp; What kind of record keeping is required?&nbsp;</P> Sun, 06 Oct 2019 00:00:01 GMT https://ttlc.intuit.com/community/retirement/discussion/complex-trust-sec-663b-record-keeping/01/860144#M77112 MikeInFL 2019-10-06T00:00:01Z Re: Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860190#M77115 <BLOCKQUOTE><HR /><LI-USER uid="510728"></LI-USER>&nbsp;wrote: <P>Do I need to file any supporting schedules with the return?&nbsp; What kind of record keeping is required?&nbsp;</P> <HR /></BLOCKQUOTE> <P>The 663(b) election statement is generated automatically by TurboTax Business (see screenshot below).</P> <P>&nbsp;</P> <P>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.).</P> <P>&nbsp;</P> <P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="663b.png" style="width: 400px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/1959iE4AE8835607A0469/image-size/medium?v=v2&amp;px=400" role="button" title="663b.png" alt="663b.png" /></span></P> Sun, 06 Oct 2019 01:19:05 GMT https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860190#M77115 tagteam 2019-10-06T01:19:05Z Re: Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860245#M77125 <P>Thanks for the reply.</P><P>&nbsp;</P><P>I just checked my recently filed Trust return for 2018.&nbsp; Even though I have the boxed 6 check, there is no form automatically generated for 663 (b).&nbsp; I try finding the form in TurboTax.&nbsp; It does not even come up.&nbsp; Did they removed it for 2018? Any suggestions as the return has already been mailed.</P><P>&nbsp;</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Untitled picture.png" style="width: 136px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/1961iBBCB28EA87F2892C/image-size/large?v=v2&amp;px=999" role="button" title="Untitled picture.png" alt="Untitled picture.png" /></span></P><P>&nbsp;</P><DIV class="mceNonEditable lia-copypaste-placeholder">&nbsp;</DIV><DIV class="mceNonEditable lia-copypaste-placeholder">&nbsp;</DIV> Sun, 06 Oct 2019 05:40:41 GMT https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860245#M77125 MikeInFL 2019-10-06T05:40:41Z Re: Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860290#M77126 <P>Have you tried making the election in Step-by-Step Mode (see screenshot)?</P> <P>&nbsp;</P> <P>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.</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="663.png" style="width: 400px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/1962iE7F493A51FA0EAB8/image-size/medium?v=v2&amp;px=400" role="button" title="663.png" alt="663.png" /></span></P> Sun, 06 Oct 2019 14:44:22 GMT https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860290#M77126 tagteam 2019-10-06T14:44:22Z Re: Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861111#M77180 <P>I am away so cannot check if any difference if using the step by step.&nbsp; However, the filed return do show the election box checked. It does not include the support schedule.</P> Tue, 08 Oct 2019 02:04:38 GMT https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861111#M77180 MikeInFL 2019-10-08T02:04:38Z Re: Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861134#M77182 <BLOCKQUOTE><HR /><LI-USER uid="510728"></LI-USER>&nbsp;wrote:<BR /> <P>I am away so cannot check if any difference if using the step by step.&nbsp; However, the filed return do show the election box checked. It does not include the support schedule.</P> <HR /></BLOCKQUOTE> <P>I should have been more specific. On my test return, if I only check the box (Line 6, Other Information) in Forms Mode, no election form is generated. It appears as if it is necessary to check the election box in Step-by-Step Mode for the form to be generated.</P> Tue, 08 Oct 2019 02:42:35 GMT https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861134#M77182 tagteam 2019-10-08T02:42:35Z Re: Complex Trust - Sec 663b Record Keeping https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861171#M77183 <P>Thanks.</P><P>&nbsp;</P><P>Since the return has already been sent, I am not sure there is anything I can do at this point.</P><P>This is very bad coding on the part of TurboTax.&nbsp; Especially since the form does not even come up when trying to search for the form in the software.</P><P>&nbsp;</P> Tue, 08 Oct 2019 04:30:14 GMT https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861171#M77183 MikeInFL 2019-10-08T04:30:14Z
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topic Re: Complex Trust - Sec 663b Record Keeping in Retirement tax questions
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<P>I am away so cannot check if any difference if using the step by step.&nbsp; However, the filed return do show the election box checked. It does not include the support schedule.</P>
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<P>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.</P><P>&nbsp;</P><P>Do I need to file any supporting schedules with the return?&nbsp; What kind of record keeping is required?&nbsp;</P>
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<BLOCKQUOTE><HR /><LI-USER uid="510728"></LI-USER>&nbsp;wrote: <P>Do I need to file any supporting schedules with the return?&nbsp; What kind of record keeping is required?&nbsp;</P> <HR /></BLOCKQUOTE> <P>The 663(b) election statement is generated automatically by TurboTax Business (see screenshot below).</P> <P>&nbsp;</P> <P>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.).</P> <P>&nbsp;</P> <P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="663b.png" style="width: 400px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/1959iE4AE8835607A0469/image-size/medium?v=v2&amp;px=400" role="button" title="663b.png" alt="663b.png" /></span></P>
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<P>Thanks for the reply.</P><P>&nbsp;</P><P>I just checked my recently filed Trust return for 2018.&nbsp; Even though I have the boxed 6 check, there is no form automatically generated for 663 (b).&nbsp; I try finding the form in TurboTax.&nbsp; It does not even come up.&nbsp; Did they removed it for 2018? Any suggestions as the return has already been mailed.</P><P>&nbsp;</P><P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="Untitled picture.png" style="width: 136px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/1961iBBCB28EA87F2892C/image-size/large?v=v2&amp;px=999" role="button" title="Untitled picture.png" alt="Untitled picture.png" /></span></P><P>&nbsp;</P><DIV class="mceNonEditable lia-copypaste-placeholder">&nbsp;</DIV><DIV class="mceNonEditable lia-copypaste-placeholder">&nbsp;</DIV>
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https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/860290#M77126
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<P>Have you tried making the election in Step-by-Step Mode (see screenshot)?</P> <P>&nbsp;</P> <P>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.</P> <P>&nbsp;</P> <P>&nbsp;</P> <P><span class="lia-inline-image-display-wrapper lia-image-align-inline" image-alt="663.png" style="width: 400px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/1962iE7F493A51FA0EAB8/image-size/medium?v=v2&amp;px=400" role="button" title="663.png" alt="663.png" /></span></P>
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https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861111#M77180
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<P>I am away so cannot check if any difference if using the step by step.&nbsp; However, the filed return do show the election box checked. It does not include the support schedule.</P>
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https://ttlc.intuit.com/community/retirement/discussion/re-complex-trust-sec-663b-record-keeping/01/861134#M77182
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<BLOCKQUOTE><HR /><LI-USER uid="510728"></LI-USER>&nbsp;wrote:<BR /> <P>I am away so cannot check if any difference if using the step by step.&nbsp; However, the filed return do show the election box checked. It does not include the support schedule.</P> <HR /></BLOCKQUOTE> <P>I should have been more specific. On my test return, if I only check the box (Line 6, Other Information) in Forms Mode, no election form is generated. It appears as if it is necessary to check the election box in Step-by-Step Mode for the form to be generated.</P>
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<P>Thanks.</P><P>&nbsp;</P><P>Since the return has already been sent, I am not sure there is anything I can do at this point.</P><P>This is very bad coding on the part of TurboTax.&nbsp; Especially since the form does not even come up when trying to search for the form in the software.</P><P>&nbsp;</P>
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