The 5227 Roadmap
The table below identifies the Form 5227 parts that are applicable to each type of split-interest trust and where to find the information in ONESOURCE Trust Tax. Also provided are links to the tasks that will help you complete each part of Form 5226.
Form 5227 Part | Applies to CRAT or CRUT | Applies to CLT | Applies to PIF | Where to Find in ONESOURCE Trust Tax | Tasks |
|---|---|---|---|---|---|
Identification area | Yes | Yes, except Box G | Yes, except Box G | Account Information page, except:
| Identifying the Type of Entity and the Type of 5227 Trust Entering Overrides for the Year-End FMV of Trust Assets, Gross Income and Charitable Deduction |
Part I Income and Deductions | Yes, Sections A through E | Yes, Sections A through D | Yes, Sections A through D | Various pages. The amounts reported in Part I generally originate from tax codes. | For line 23, see Entering Overrides for the Year-End FMV of Trust Assets, Gross Income and Charitable Deduction |
Part II Schedule of Distributable Income | Yes | No | No | Various pages. Enter overrides for undistributed income in the NET ASSETS EXCLUDED (SEC 664) and NET ASSETS Accumulated NII sections of the balance sheet grid. | Reviewing Prior Year Undistributed and Current Year Income |
Part III-A Distributions of Principal for Charitable Purposes | Yes, if a payment from principal was made to a charitable recipient | Yes, to the extent principal was used to satisfy the charitable lead interest payment | Yes, if a remainder interest was paid to the charitable sponsor upon the expiration of the income interest, or an income interest was commuted resulting in a distribution of principal to the charitable sponsor | Select the Detail link for Distribution of Principal for Charitable Purposes under the Schedule of Distributable Income collapsible section on the Form 5227 page. | Entering Distributions of Principal for Charitable Purposes |
Part III-B Accumulated Income Set Aside and Income Distributions for Charitable Purposes | No | Yes | Yes | Detail link for Accumulated Income Set Aside and Income for Charitable Purposes under the Schedule of Distributable Income collapsible section on the Form 5227 page. | Entering Accumulated Income Set Aside and Current Year Income Distributions for Charitable Purposes |
Part IV Balance Sheet | Yes, columns (a) and (b) for CRATs and all columns for CRUTs | Yes, columns (a) and (b) CLUTs may complete column (c) CLATs should not complete column (c) | Yes, columns (a) and (b) only | Balance Sheet or Expanded Balance Sheet collapsible section on the Form 5227 page. | Indicating the Valuation Method for a CRUT Entering an Override for a Prior Year Balance Sheet Adjustment Paid to a Recipient during the Current Tax Year Working with the Balance Sheet |
Part V-A Charitable Remainder Annuity Trust (CRAT) Information | CRATs only | No | No | Charitable Remainder Annuity & Unitrust Information collapsible section on Form 5227 page. | Entering an Override for the Initial Value of Property Transferred to CRAT Entering a Date Range for Prorating the Unitrust Amount for a CRUT |
Part V-B Charitable Remainder Unitrust (CRUT) Information | CRUTs only | No | No | Charitable Remainder Annuity & Unitrust Information collapsible section on Form 5227 page. | Indicating that a CRUT Is a NICRUT or NIMCRUT Indicating that the Payment Method Changed for a CRUT Entering the Unitrust Percentage for a CRUT Entering an Override for the Unitrust Amount for a CRUT Entering the Total Deficiency Amount from Prior Years for a NIMCRUT Entering an Override for the Required Unitrust Distribution for a CRUT |
Part V-B Charitable Remainder Unitrust (CRUT) Information (Continued) | Indicating that the Valuation Method Changed for a CRUT Entering the Initial FMV of All Assets Placed in a CRUT by the Donor for Purposes of the Final Return Indicating that Additional Contributions Were Received by a CRUT during the Year Entering a Date Range for Prorating the Unitrust Amount for a CRUT | ||||
Part VI-A Statements Regarding Activities | Yes | Yes | Yes | Statements Regarding Activities collapsible section on Form 5227 page. | Reviewing and Updating the Answers to the Statements Regarding Activities Questions Indicating a CRAT or CRUT Has Unrelated Business Income |
Part VI-B Statements Regarding Activities for Which Form 4720 May Be Required | Yes | Yes | Yes | Statements Regarding Activities collapsible section on Form 5227 page. | Reviewing and Updating the Answers to the Statements Regarding Activities Questions |
Part VII Questionnaire for Charitable Lead Trusts, Pooled Income Funds and Charitable Remainder Trusts | Yes, Sections A and D | Yes, Sections A and B | Yes, Sections A and C | Charitable Lead, Pooled Income and Charitable Remainder Trusts collapsible section on Form 5227 page. | Reviewing and Entering the Questionnaire Information |
Schedule A, Part I-A Accumulation Schedule | Yes | No | No | Various collapsible sections on the Form 5227 page. Enter overrides for undistributed income in the NET ASSETS EXCLUDED (SEC 664) and NET ASSETS Accumulated NII sections of the balance sheet grid. Do not use the grid under the Schedule of Distributable Income collapsible section on the Form 5227 page. | See the tasks identified for Part II of Form 5227. |
Schedule A, Part I-B Simplified Net Investment Income Calculation | Yes, but only if the simplified method of reporting net investment income is used | No | No | Form 5227 page, General Information, Options, Overrides and Net Investment Income collapsible section | Using the Simplified Method to Report Net Investment Income |
Schedule A, Part II-A Current Distributions Schedule | Yes | No | No | Form 5227 page, Asset and Donor Information collapsible section | 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 |
Schedule A, Part II-B Current Distributions | No | Yes | Yes | Form 5227 page, Asset and Donor Information collapsible section | Entering the Aggregate Distribution Amount from a CLT or PIF to the Income Recipients |
Schedule A, Part III Assets and Donor Information | Yes | Yes | No | Form 5227 page, Asset and Donor Information collapsible section | Indicating whether an Early Termination Agreement Was Signed by the Parties to a CRAT or CRUT in Its Final Year Entering Asset and Donor Information for a CRAT, CRUT or CLT |