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Form 5227
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Search Trust Tax (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Trust Tax

The Asset and Donor Information Collapsible Section

Entering the Aggregate Distribution Amount from a CLT or PIF to the Income Recipients

To enter the aggregate distribution amount from a CLT or PIF to the income recipients:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Asset and Donor Information
     collapsible section.
  4. Enter the aggregate distribution amount in the
    Amount required to be paid to private beneficiaries in the current tax return
     field.
  5. Select
    Save
    .

Entering an Explanation for the Difference between the Total Current Distribution Amount to Income Recipients and the Annuity or Unitrust Amount for a CRAT or CRUT

To enter an explanation for the difference between the total current distribution amount to income recipients and the annuity or unitrust amount for a CRAT or CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Asset and Donor Information
     collapsible section.
  4. Enter the explanation in the
    Explain why total current distributions do not agree with the annuity or unitrust amount
     field.
  5. Select
    Save
    .

Indicating whether an Early Termination Agreement Was Signed by the Parties to a CRAT or CRUT in Its Final Year

To indicate whether an early termination agreement was signed by the parties to a CRAT or CRUT in its final year:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Asset and Donor Information
     collapsible section.
  4. Review the
    For charitable remainder trust, if this was the final year, was an early termination agreement signed by all parties to the trust?
     drop-down list. ONESOURCE Trust Tax defaults to
    Leave blank
    , which marks the N/A box on line 8 in Part III of Schedule A. You can select
    Yes
     to indicate that the agreement was signed (and mark the Yes box on line 8), or
    No
     to indicate that the agreement was not signed (and mark the No box on line 8).
  5. Select
    Save
    .

Entering Asset and Donor Information for a CRAT, CRUT or CLT

To enter asset and donor information for a CRAT, CRUT or CLT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Asset and Donor Information
     collapsible section.
  4. Select the
    Detail
     link for
    Asset and Donor Information
    .
  5. The Form 5227 Details page displays.
  6. Review the information in the grid. You can add, update and delete asset and donor information. To add asset and donor information:
    1. In the row that includes the text, "Please select here to add new row," enter donor information in the
      Name
      ,
      Address
      ,
      City
      ,
      State
       and
      Zip
       fields, and enter donation information in the
      FMV of Donation
      ,
      Donation Date
       and
      Description of Assets Donated
       fields. Press TAB to move off of the row. The donor and donation information are added to the grid once you move off the row.
    2. If you need to add more asset and donor information, repeat steps 5a and 5b.
  8. Select
    Save
     in the upper left corner of the Form 5227 Details page.
  9. Select
    Close
     to return to the Form 5227 page.