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Product: ONESOURCE Trust Tax

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Account Closed Date: Leave blank to signify an open/active account.
If the account is closed, provide the closing date. When sent, the Final Return Flag
for the account is set and the End Tax Year
is changed to this date.; Once the Account Closed
date bridges:
A subsequent bridge won't update the closing information such as Final Return Flag and End Tax Year.
Don't include the account in subsequent bridge files unless it has transaction activity, and ensure posting dates are not later than the account's Closed Date.

note
If leaving or changing trust accounting systems and accounts aren't actually closed, don't populate this field.

ONESOURCE doesn't want this field populated with the date the accounts close out of the vendor system.
This should only be populated when the account is terminated or closed and no longer has activity that is reportable to the IRS.
Account Name: Name of trust or estate account on Trust Accounting System. This needs to be sent each month.
Account Number: Used to identify each account number within a trust system. This character string should be a continuous string of characters making 1 word. A space or blank should only be used to fill unused characters at the end. A quote or blank within the character string is invalid.

Account prepares both 1041 & 990: Used to grant processing a 1041 Complex 100 return as well as a 990, 990-PF or a 990-T return for the same account.
Blank = field won’t be updated
0 = No
1 = Yes
Account Type (Type of Entity): Tax filing status with codes as follows:

Return Type
Code
Description

1041
00
No type is available. Billing will be at Complex $100 rates.

1099/1041
03
Agency (1099 DIOB processing, or 1041 for Agency Returns/Letter)

1041
04
Pooled Income Fund

1099
06
Tax Deferred

1041
10
Simple

1041
11
Simple - Testamentary1

1041
12
Simple - Inter Vivos1

1041
20
Complex ($100)

1041
21
Complex ($100) - Testamentary1

1041
22
Complex ($100) - Inter Vivos1

1041
30
Estate

1041
40
Grantor

1041
41
Qualified Funeral Trust

1041
42
Grantor Irrev (Creates a Preparer Note)

1041
50
Complex ($300)

1041
51
Complex ($300) - Testamentary1

1041
52
Complex ($300) - Inter Vivos1

990
60
990

990
61
990-EZ

990
62
990-PF Non-operating Foundation

990
63
990-PF Operating Foundation – IRC Section 4942(j)(3)

990
64
990-PF Operating Foundation – IRC Section 4942(j)(5)

990
65
990-N e-Postcard for 990/990-EZ filers not meeting the 25k filing requirement

1041
71
Charitable Nonexempt - Testamentary - 1041 Page 1, 4947(a)(1) box checked

1041
72
Charitable Nonexempt - Inter Vivos - 1041 Page 1, 4947(a)(1) box checked

1041
81
Charitable Split Interest - Testamentary - 1041 Page 1, 4947(a)(2) box checked

1041
82
Charitable Split Interest - Inter Vivos - 1041 Page 1, 4947(a)(2) box checked

1041
91
Charitable Remainder - Testamentary - 1041 grants the compute of Schedule A

1041
92
Charitable Remainder - Inter Vivos - 1041 grants the compute of Schedule A

5227
94
Charitable Remainder Net Income Unitrust - 5227 grants the compute of Part V-B, lines 49 & 50

5227
95
Charitable Remainder Net Income Unitrust With Makeup - 5227 grants the compute of Part V-B, lines 49, 50 & 51

5227
96
Charitable Lead Trust - 5227 completes Parts IV, VI & VII A, C

5227
97
Charitable Remainder Annuity Trust - 5227 completes Part V-A

5227
98
Charitable Remainder Unitrust - 5227 grants the compute of Line 49, Part V-B

5227
99
Charitable Pooled Income Fund - 5227 completes Parts IV, VI & VII B, C

note
Testamentary and Inter Vivos references have been removed from the federal return. However, some state returns continue to have these references. If your trust accounting system doesn't delineate between Testamentary and Inter Vivos, you can modify the Account Type
within the ONESOURCE Trust Tax Software. No other calculations are tied to these indicators.
Account Type Minor: This field is a user-defined value that identifies an SEP
, SIMPLE
, ROTH
and EDUCATION IRA
.; Values that are bridged are entered in the ONESOURCE Trust Tax Software 1099 Control Options when the system is set up for processing 5498's.
note
In addition, there are ONESOURCE Trust Tax Software 1099 Control Options for processing 1099-R's that grants the alteration of Payer Name based upon the values in this element.
Accrued Market Discount Amount: From Record Type 4 and 5, this amount of accrued market discount entered will go to the appropriate box on Form 1099-B and will automatically set the appropriate IRS code for Accrued Market Discount (Code D). This amount is used to adjust the cost basis at the time the return is processed in OTT, so the cost basis shouldn't be sent already adjusted for this amount.
Acquisition or Current Adjusted Cost Basis: Basis as of the Effective Date of Position
Acquisition Date: Date the asset sold was placed in service.
Action Description: In Record Type 3 or 4, this element, when present, is loaded to the ONESOURCE Trust Tax database. Other than the following, this field is not used in any calculations, nor is it printed on any reports. It may be used to filter register queries.; In Record Type 4 (Sales), the ONESOURCE Trust Tax Load program interrogates this element, when present: If the word “Maturity” or the letters “Ma” are present, ONESOURCE Trust Tax Software identifies the capital sale as a “maturity” on the database. In the ONESOURCE Trust Tax Software 1099 Control Options, capital sales identified as “maturities”, with certain Asset Category codes may be excluded or included from being reported on the 1099-B.; For WSC processing purposes, the sales record for principal receipts need to include a trust system action description populated with BUY DOWN
or PAID DOWN
and the sales record for principal receipts representing the final pay down needs to include a trust system action description other than BUY DOWN
or PAID DOWN
.
note
ONESOURCE Trust Tax uses the Action Description
field to identify the BUY DOWN
(return of principal) transactions so that the amounts are treated appropriately by our WSC processing services
.
Address Country Code: This is the 2-digit country code of the beneficiary or recipient’s address whether domestic or foreign. The value for this field should be U.S. or blank for domestic addresses and the selected country code from the Foreign Country codes listed in the Data Dictionary (separate list for Modernized e-Filing). This value may be different from the Country of Taxation for a foreign person.
Adjusted Basis as of Effective Date of Position Data Being Loaded: We send portfolio open-lot position data as of a specific month-end, and we adjust a security position’s cost basis when regulatory requirements or related corporate actions require it.; ONESOURCE Trust Tax utilizes the bridged adjusted basis data to make these basis modifications. These adjustments may be reported on various WHFIT statements that are included in the tax output and will be incorporated into the ONESOURCE Trust Tax BridgeBack of basis adjustments to the source accounting system.
note
If no basis adjustments have been required or none has been applied since the original purchase date of the asset, then the adjusted basis will be the same amount as the original purchase cost basis (original purchase price).
Administrative-Officer Code: Eight-digit code that identifies the trust account's administrative officer. Leading blanks and zeros will be truncated. Example: “002” will be loaded as “2”; “0A” will be loaded as “A”; “__2” will be loaded as “2”.
Agent for Trustee Indicator: Used to identify an Agent for Trustee
status on this trust account.
Y = Yes, the client is agent for trustee on this trust account. A value of Y
will result in the Basic Account Information field Has Agent for Trustee
being selected.
note
Additionally, if the Load option #7 For New Accounts that have an Agent for Trustee, set these options:
has been selected, the ONESOURCE Trust Tax Load program will also set 3 trust level options: 1) print paid preparer information, 2) suppress digitized fiduciary signatures and 3) blank out fiduciary signature line for all non-990 accounts.
Blank = client isn't agent for trustee on this trust account
Asset Category: This is a user-defined field that identifies classifications of investment instruments, Certificates of Deposit, U.S. Treasury Bonds, California Municipal Bonds, NY Municipal Bonds. The value is stored in the ONESOURCE Trust Tax Software central asset record and is printed in the last line of the transaction explanation on the ONESOURCE Trust Tax worksheet.; In Record Type 3, this element, when present, is not used in any calculations. It may be used to filter register queries.; In Record Type 4, this element, when present, is used with Action Description to identify capital sales that are “maturities” of certain classes of investment instruments.
note
The user-defined Asset Category values are entered into the ONESOURCE Trust Tax Software 1099 Control Options to either exclude, or included, capital sales representing “maturities” from being reported on the 1099-B.
Asset Code: Identifies the type of asset. Used by some trust accounting systems to identify common trust fund distributions and mutual fund distributions for purposes of matching cash distributions to the applicable factors on record types 7C and 7F.
0 = Listed (valid CUSIP): Valid 9-digit CUSIP approved value meeting check digit validation standards.
1 = Unique (non-9-digit CUSIP; bank assigned asset number, or internal number.)
2 = STIF Fund (used with Record Type 7C for STIF distributions)
3 = CTF's (used with Record Type 7F)
Asset Grandfathered for FATCA: when this indicator is set for an asset, any transactions associated with the asset will transfer to Form 1042-S with the Grandfathered Payment exemption code 13.
Blank or 0 = Asset is not Grandfathered
1 = Asset is Grandfathered
Asset Issue Date: The date the asset or bond, was issued. This field exists once for each asset in the common asset table for each account. The 1st time the value is received for any holder of this asset, the common asset table will be updated. Future changes to this value for a given asset needs to be made using ONESOURCE Trust Tax. This value is used in certain states (for example, Pennsylvania), to determine the taxability of the asset for state purposes.
Asset Name: Name of the asset referenced by the transaction.
Asset Not Qualified Indicator: Only loaded when the transaction is for tax codes 3, 5, 6, 201, and 202.
Blank = If you can't determine whether this asset qualifies, or doesn’t qualify, to use the reduced dividend tax rate on dividends paid.
0 = Asset qualifies to use the reduced dividend tax rate on dividends paid.
1 = Asset doesn’t qualify to use the reduced dividend tax rate on dividends paid.; When you leave this field blank, the ONESOURCE Trust Tax Load program bypasses it and leaves the previously loaded value for the asset unchanged.
note
For example, if you set the value to 1
in 1 month and then set it to blank in a later month, the program bypasses the field and the value in the ONESOURCE Trust Tax database remains 1
.; If this field is left blank and a value of ‘0’ or ‘1’ is never received, the ONESOURCE Trust Tax system default is to treat the asset as qualified to use the reduced dividend tax rate on dividends paid.
Associated Distribution Tax Code: only applicable when the OTT Tax Code is set to 235 (1099-R-Federal Income Tax Withheld), 236 (1099-R-State Income Tax Withheld) or 255 (1099-R-Employee Contribution, Designated Roth Contribution or Insurance Premiums). The valid tax codes are 1099-R distribution tax codes as listed in the ONESOURCE Trust Tax Tax Code Listing
document. If the tax code mapping is used, enter the TAV tax code in this position and the load logic will match the OTT tax code value per the mapping.
Attorney General Registered Number: The registration number that can be used on the Attorney General Reports. Informational only – creates a prep note with AG State.
Attorney General State: Enter the state code where the Trust is registered for the Attorney General Reports. Informational only – creates a prep note with AG Registered Number.

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