Income in Respect of a Decedent

Income in Respect of a Decedent

Overview

Actions

Field Descriptions

Availability
  • Professional
  • Enterprise

Overview

Use the Income in Respect of a Decedent (IRD) module to record income a decedent had a right to receive that is not includable in the decedent's final tax return. For a cash basis decedent, this is income earned but not yet received prior to death. IRD is taxable income to the recipient in the year received. If IRD is paid to the estate, it is reported on the fiduciary return. If IRD is paid directly to a beneficiary, it is reported on the beneficiary's income tax return.

Actions

Follow the instructions below to perform tasks such as creating, editing, and exporting IRD records.

To…

Then…

Create an IRD record

  1. Access the IRD Create form using one of the following:
    • Click Estate Planning > IRD > Create IRD from the Navigation menu.
    • Click Create New on the IRD List View.
  2. Complete the IRD Create Form. See Field Descriptions for information about each field. Fields that have an asterisk (*) are required; you must enter data in the field to save the record.
  3. Click Save to save the record and view its detail page, or click Cancel .

Display a list of IRDs

Click Estate Planning > IRD > View IRDs.
The IRD List View displays.

Display the details for an IRD

Click the IRD name in the IRD List View.
The IRD Detail View displays.

Edit IRD record information

  1. Access the IRD Edit View by doing one of the following:
    • Click Edit in the IRD Detail View.
    • Click the edit icon (pencil) associated with the IRD record in the IRD List View.
  2. Update the IRD information. See Field Descriptions for information about each field.
  3. Click Save to update the record.

Suppress one or more IRD records

  1. In the IRD List View, click the Selection box associated with the record(s) you want to suppress.
  2. Click Suppress.
    A confirmation box displays.
  3. Click OK.
    The records are suppressed.

You can also suppress a single IRD record by clicking Suppress on the IRD Detail View.

Update information related to multiple IRD records

  1. In the IRD List View, click the Selection box associated with the records you want to update.
  2. Click Mass Update in the Actions dropdown.

For more information, see Editing and suppressing multiple records.

Duplicate IRD information

Click Duplicate in the IRD Detail View. Duplication is a convenient way of creating a similar IRD record. You can change and save the information in the duplicate record to create a new record.

Find and merge duplicate records

Follow the instructions in Merging duplicate records.

Export records

  1. In the IRD List View, click the Selection box associated with the records you want to export.
  2. Click Export in the dropdown and follow the instructions in Exporting data.

Field Descriptions

Fields that have an asterisk (*) are required; you must enter data in the field to save the record.

Income*

Describe the income received by the decedent. This is a mandatory field.

Decedent

Click the deceased contact who received the income on the Contacts Popup List View (displays upon clicking the Selection arrow) or the list of Contact matching the character(s) you enter.

Client

Click the Client to which the IRD record applies on the Clients Popup List View (displays upon clicking the Selection arrow) or the list of Clients matching the character(s) you enter.

Income Date*

Click on the Date Selector the date the income was received. This is a mandatory field.

Amount*

Enter the income amount. This is a mandatory field.

Description

Enter additional details about the IRD.

Have more questions? Submit a request

0 Comments

Please sign in to leave a comment.