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This article applies to:

  • Product: ONESOURCE Trust Tax

B

Bank Number and Branch Number
Valid entries are required when used for split logic to assign the PAN. ONESOURCE Trust Tax Software doesn't concatenate this field with any other field when loading or printing it.
note
If your system has multiple values for SUBID or Bank or Branch Number, populate Sub-ID first with one of the values, remembering that options are offered in the ONESOURCE Trust Tax Software for optional sorting on this field only.
Use this
Bank Number / Branch Number
 field to enter the 2nd value.
Bank prepares Form 1040
The organization prepares the Form 1040 for the Beneficiary. This field is informational only and can be added to a register in ONESOURCE Trust Tax Software.
  • Blank = No update
  • 0 = No
  • 1 = Yes
Beginning Income Cash Balance
The beginning income cash balance for an account's tax year, which is only loaded the 1st time the account is loaded into OTT.
Subsequently, each year's ending balance is used as the next year's beginning balance. It is not loaded each year.
Beginning Invested Income Cash Balance
The beginning invested cash balance for an account's tax year, which is only loaded the 1st time the account is loaded into OTT.
Subsequently, each year's ending balance is used as the next year's beginning balance. It is not loaded each year.
Beginning Principal Cash Balance
The beginning principal cash balance for an account's tax year, which is only loaded the 1st time the account is loaded into OTT.
Subsequently, each year's ending balance is used as the next year's beginning balance. It is not loaded each year.
Beneficiary Address (Line 3) (street)
Street address of the beneficiary used for reporting on the tax information letters statements and Schedules K-1.
When the beneficiary lives outside the United States, this field would contain the 1st line of a foreign address.
Beneficiary Address continued (Line 4) (street)
Continuation of
Beneficiary Address (Line 3) (street)
.
Usually it contains a 2nd line of domestic street address or foreign street address.
It may contain “City-State-Zip” if unable to parse into
City
,
State
 and
Zip
 fields.
It may contain “City-Country” if unable to parse into
Foreign Address
 field.
Beneficiary Date of Birth
This field is used to determine if the RMD Box should be checked on the 5498 when a Recipient reaches a certain age.
For 1041 processing the amounts accumulated by the trust before a beneficiary reaches age 21 may be excluded by the beneficiary from their share of the accumulation distribution.
Beneficiary Date of Death
This field is informational only.
Beneficiary Fixed Amount
Represents the specific Tier-1 distributions in
Simple
,
Complex
 and
Estate
 type accounts.
In Simple trusts with only 1 beneficiary, ONESOURCE Trust Tax Software will automatically distribute 100% to the 1 beneficiary.
In Custody or Grantor accounts, ONESOURCE Trust Tax Software will automatically distribute 100% to the 1 principal or grantor.
It is only required when there are multiple beneficiaries, principals, or grantors.
If left blank and multiple beneficiaries, principals or grantors exist, ONESOURCE Trust Tax Software will accumulate dollar distribution amounts from distribution transactions reported during the tax year.
note
This will only be loaded if
Beneficiary Percentage
 is not present.
Beneficiary Foreign Address
When the beneficiary lives outside of the United States, use this field to identify the City, Country, and Mail Code, in lieu of the City, State, and Zip fields.
For 1099 Filing the formatting of the Foreign Address field should be: City, Province or State, Postal Code and Name of Country.
Beneficiary Key (Interested Party)
If Trust Accounting System uses a cross-reference code other than the taxpayer id of the beneficiary to tie distributions to beneficiaries, use this field to store this code.
Beneficiary Name (Line 1)
Name of the beneficiary used for reporting on tax information letters statements and schedules K-1.
Beneficiary Name continued (Line 2) (c/o name)
2nd line of beneficiary name.
Used if the beneficiary name is longer than 40 characters.
This line may contain “c/o name”.
Beneficiary Percentage
Represents the specific Tier-1 percentage of DNI or TAI distributed in Simple, Complex, and Estate type accounts.
In Simple trusts with only 1 beneficiary, ONESOURCE Trust Tax Software will automatically distribute 100% to the 1 beneficiary.
In Custody or Grantor accounts, ONESOURCE Trust Tax Software will automatically distribute 100% to the 1 principal or grantor.
It is only required when there are multiple beneficiaries, principals, or grantors.
If left blank and multiple beneficiaries, principals or grantors exist, ONESOURCE Trust Tax Software will accumulate dollar distribution amounts from distribution transactions reported during the tax year.
note
This element is required when there are multiple beneficiaries, principals, or grantors.
Beneficiary Zip or Foreign Postal Code
U.S. ZIP Codes are limited to 10 characters and need to be correctly formatted (##### or #####-####).
Foreign Postal Codes can be in any format up to 15 characters.
Business Name Control
Assigned by the Internal Revenue Service to a trust account. Usually, it is the 1st 4 characters of the trust account's name.
This is mandatory when filing federal tax returns and federal estimates electronically with the IRS.
Book Value
Total book value of the tax lots associated with a sale transaction.