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Form 5227
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This article applies to:

  • Product: ONESOURCE Trust Tax

The Charitable Remainder Annuity and Unitrust Information Collapsible Section

The
Charitable Remainder Annuity and Unitrust Information
 collapsible section includes the fields for Part V-A for a CRAT, and Part V-B for a CRUT. This collapsible section does not display for a CLT or PIF.
For a CRAT, the
Charitable Remainder Annuity and Unitrust Information
 collapsible section allows for:
For a CRUT, the
Charitable Remainder Annuity and Unitrust Information
 collapsible section allows you to enter information about the CRUT, including the payout rate and the unitrust amount. Specifically, you can use this collapsible section for:

Entering an Override for the Initial Value of Property Transferred to CRAT

To enter an override for the initial value of property transferred to a CRAT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the override in the
    Initial fair market value of property placed in trust
     field.
  5. Select
    Save
    .

Entering a Date Range for Prorating the Annuity Amount for CRAT

ONESOURCE Trust Tax allows you to enter a date range for prorating the annuity amount for a CRAT. The beginning and ending dates for the date range should be entered using the MM/DD/YYYY format.
To enter a date range for prorating the annuity amount for a CRAT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the beginning date for prorating the annuity amount in the
    Beginning date for purposes of computing unitrust/annuity amount (Override)
     field.
  5. Enter the ending date for prorating the annuity amount in the
    Ending date for purposes of computing unitrust/annuity amount (Override)
     field.
  6. Select
    Save
    .

Indicating that a CRUT Is a NICRUT or NIMCRUT

To indicate that a CRUT is a NICRUT or NIMCRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Complete one of the following:
    • For a NICRUT, select the
      CRUT is a net income charitable remainder unitrust (NICRUT) as described in Regulations section 1.664-3(a)(1)(i)(b)(1)
       check box.
    • For a NIMCRUT, select the
      CRUT is a net income with make-up charitable remainder unitrust (NIMCRUT) as described in Regulations section 1.664-3(a)(1)(i)(b)(2)
       check box.
  6. Select
    Save
    .

Indicating that the Payment Method Changed for a CRUT

To indicate that the payment method changed for a CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Select the
    If the trust changed its method of payment during the tax year, check here and describe the triggering event including the date and method of payment
     check box.
  5. Enter the event that triggered the change in payment method, the date the changed occurred and the old payment method in the associated text box.
  6. Select
    Save
    .

Entering the Unitrust Percentage for a CRUT

To enter the unitrust percentage for a CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the unitrust percentage as a decimal in the
    Unitrust fixed percentage to be paid to recipients
     field. The unitrust percentage is determined from the trust instrument.
  5. Select
    Save
    .

Entering an Override for the Unitrust Amount for a CRUT

To enter an override for the unitrust amount for a CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the override for the unitrust amount in the
    Unitrust amount-net assets multiplied by fixed percentage (Override)
     field.
  5. Select
    Save
    .

Entering the Total Deficiency Amount from Prior Years for a NIMCRUT

To enter the total deficiency amount from prior years for a NIMCRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the total deficiency amount in the
    Total accrued distribution deficiencies from prior years
     field.
  5. Select
    Save
    .

Entering an Override for the Required Unitrust Distribution for a CRUT

To enter an override for the required unitrust distribution for a CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the override for the required unitrust distribution in the
    Required Unitrust distribution (Override)
     field.
  5. Select
    Save
    .

Indicating that the Valuation Method Changed for a CRUT

To indicate that the valuation method changed for a CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Select
    Yes
     from the
    Did the trustee change the method of determining the fair market value of the assets
     drop-down list.
  5. Enter the reason why there was a change in the valuation method in the associated text box.
  6. Select
    Save
    .

Entering the Initial FMV of All Assets Placed in a CRUT by the Donor for Purposes of the Final Return

To enter the initial FMV of all assets placed in a CRUT by the donor for purposes of the final return:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the initial FMV of all assets placed in the trust by the donor in the
    For final return, initial FMV of all assets placed in trust by the donor
     field.
  5. Select
    Save
    .

Indicating that Additional Contributions Were Received by a CRUT during the Year

To indicate that additional contributions were received by a CRUT during the year:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Select
    Yes
     from the
    Were any additional contributions received by the trust during the current tax year.
     drop-down list.
  5. Select
    Save
    .

Entering a Date Range for Prorating the Unitrust Amount for a CRUT

ONESOURCE Trust Tax allows you to enter a date range for prorating the unitrust amount for a CRUT. The beginning and ending dates for the date range should be entered using the MM/DD/YYYY format.
To enter a date range for prorating the unitrust amount for a CRUT:
  1. Open the account.
  2. Select the
    Form 5227
     subtopic.
  3. Open the
    Charitable Remainder Annuity and Unitrust Information
     collapsible section.
  4. Enter the beginning date for prorating the unitrust amount in the
    Beginning date for purposes of computing unitrust/annuity amount (Override)
     field.
  5. Enter the ending date for prorating the unitrust amount in the
    Ending date for purposes of computing unitrust/annuity amount (Override)
     field.
  6. Select
    Save
    .