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This article applies to:

  • Product: ONESOURCE Trust Tax

Processing and Filing Amended 5227 Returns

Beginning with tax year 2022, the IRS offers e-filing of federal 5227 amendments. ONESOURCE Trust Tax supports e-filing for federal 5227 amendments. This includes accounts that file both 1041 and 5227 returns.
To process and file amended 5227 returns:
  1. Mark the 5227 return as amended. Marking the 5227 return checks the AMENDED box on line E in the Identification area of Form 5227. To mark the 5227 return as amended, select the
    Amended Return
     check box under the
    Account
     collapsible section on the Account Information page, then select
    Save
    .
  2. Amend the source data. The source data may consist of basic account information, recipient information or information specific to Form 5227. The tasks you used for reviewing and entering the information reported on the original Form 5227 can be used to amend the source data.
  3. Add an explanation statement for the amended return. To add an explanation statement:
    1. In the account binder, select the
      Additional Information and Tax Forms
       main topic then the
      Amended Returns
       subtopic.
    2. In the row that includes the text, "Please select here to add new row," select
      5227
       or
      1041, 5227
       from the
      Return Type
       drop-down list.
    3. Enter the form's part number that was amended in the
      Part Number (5227 Only)
       field. You can enter a maximum of five alphanumeric characters.
    4. Enter the explanation statement information in the remaining fields.
    5. Press TAB until the explanation statement information is added to the grid.
    6. Select
      Save
      .
  5. Reprocess the 5227 return. Reprocessing the 5227 return generates the amended 5227 return.
  6. File the amended 5227 return with the appropriate taxing authority. Filing options include:
    • You can e-file amended federal 5227 returns (including amendments for accounts that file both 1041 and 5227 returns) beginning with tax year 2022.
    • You are required to paper-file amended returns with the appropriate taxing authority if they cannot be e-filed.