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This article applies to:

  • Product: ONESOURCE Trust Tax

Setting Up or Reviewing Charitable Deduction Details for a CLT or PIF for Form 1041 Purposes

CLTs are allowed a charitable deduction for income tax purposes, and PIFs are allowed a charitable deduction for long-term capital gains set aside for charitable purposes. In ONESOURCE Trust Tax, the Charitable Deduction page is used to enter the charitable deduction details reported on line 13 of Form 1041.
To set up or review charitable deduction details for a CLT or PIF for Form 1041 purposes:
  1. Open the account.
  2. Select the
    Tax Review-Deductions
     main topic.
  3. Select the
    Charitable Deduction-1041
     subtopic to access the Charitable Deduction page.
  4. In the area above the charity detail grid, select whether you want to enter dollar amounts or decimal percentages for the income, short-term gains and long-term gains items. Select
    Refresh
     after you make your selections.
  5. In the charity detail grid, enter the charitable deduction details. For a PIF, long-term gains are automatically treated as distributed to the charitable recipient on Form 1041 if no entries are made in the charity detail grid.
  6. Select
    Save
    .