Reviewing Information Specific to Form 5227
Form 5227 includes an identification area, seven parts, a signature block and Schedule A. Some parts of the form are required for some trust types and not for others. In ONESOURCE Trust Tax, the
Form 5227 Information
and Form 5227 Balance Sheet
base registers are available for reviewing 5227 information and creating custom registers. The Form 5227 Information
register allows you to review and change the following information reported on Form 5227:- The year-end FMV of trust assets reported on line C of the Identification area.
- Whether a CRAT or CRUT has unrelated business income, which is reported on line G of the Identification area.
- Whether the trust complies with the requirements of I.R.C. Section 508(e), which is reported on line 73 of Part VI-A.
- Whether the trust has segregated amounts, which is reported on line 74 of Part VI-A.
- Whether some of the income interest expired during the year, which is reported on line 81, Section A of Part VII.
The
Form 5227 Information
register can also be used to create a custom register for reviewing and updating the answers to the statements regarding activities question in Part VI-B. If you decide to create a custom register for this purpose, the Part VI-B statements regarding activities are in the 5227-General Information
category under the Detail Columns
collapsible section on the Register Properties page.The
Form 5227 Balance Sheet
register allows you to review and change the balance sheet information reported in Part IV of Form 5227.In the account binder, the Form 5227 page is accessible after the type of split-interest trust is identified and saved. If the
Form 5227
subtopic under the Account
main topic is unavailable to you, complete the steps in Identifying the Type of Entity and the Type of 5227 Trust. Details about the Form 5227 page are in Using the Form 5227 Page.