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This article applies to:

  • Product: ONESOURCE Trust Tax

F

Federal Accuracy Indicator
Code to identify the accuracy of the gain or loss when no tax lots are provided:
  • F = gain/loss unknown
  • T = gain/loss correct, even if zero
Federal Cost Basis
Federal acquisition price (basis) of an asset at the time of purchase or, if applicable, the adjusted basis due to return of capital, etc.
This number should always be positive, except for reversals.
If the Accrued Market Discount Amount is sent, the Federal Cost Basis should not be adjusted for any accrued market discount.
Federal Acquired Date
Federal date of acquisition.
Federal Cost Accurate Indicator
Code to identify the accuracy of the “Federal Acquired Cost" field:
  • F = Date/Cost unknown (the Unknown cost flag is set on the tax lot)
  • T = Date/Cost correct, even if zero
Federal Date Accurate Indicator
Code to identify the accuracy of the "Federal Acquired Date" field:
  • F = Date/Cost unknown (the term can't be calculated and therefore set to Undetermined)
  • T = Date/Cost correct, even if zero
Federal Gain/Loss
Record 4: This field is referenced with Note 1.
It is only used when the tax interface program is unable to bridge Record Type 5, Lot Detail, relative to any capital sale.
The tax treatment of the dollar amount entered in this field is identified by the value entered in the Federal Gain/Loss Indicator data element.
Federal Gain/Loss Term Indicator
Used to determine Federal gain/loss treatment:
  • Blank = Gain/Loss field used to determine treatment
  • S = Short Term (ordinary income tax rate)
  • L = Long Term (capital assets held 12 months or longer)
  • M = Long Term (collectibles held 12 months or longer)
Federal Wash Sale Loss Disallowed
When this amount is bridged, the Wash Sale indicator will be turned on to indicate “Yes” it is a Wash Sale.
This amount should be positive unless it is a reversal.
Fiduciary Capacity
This information creates a trust level prep note with the following text based on the following values:
Value
Preparer Note Text
10
ADMINISTRATOR (NO WILL)
20
AGENT
30
CO-EXECUTOR
40
CO-TRUSTEE
50
COMMITTEE
60
CONSERVATOR
70
CUSTODIAN
90
EXECUTOR
100
GUARDIAN
110
MANAGING AGENT – ERISA ONLY
120
PROTECTOR
130
SOLE TRUSTEE
Five X Five Power Amount
A Five X Five Power Trust lets the grantor the power to withdraw (or appoint) an amount equal to the greater of (1) 5,000.00 or (2) 5% of the trust's fair market value.
FMV at 12/31
The yearly value displayed on the ONESOURCE Trust Tax Software 5227 General Information screen with the title of "Fair market value of assets at end of year".
This value prints at the top of page 1 of Form 5227.
Form 8949: 1099-B "Reported" disposition
If the Trust has received a 1099-B transaction, select 1 of the following values when applicable on Form 8949 checkbox. The term of the Sale will determine Long term or Short term.
  • Blank, 0 = Transaction was not reported on Form 1099-B or Transaction not applicable to 1041 processing
  • 1 = Transaction reported on Form 1099-B received by the trust showing the basis was reported to the IRS
  • 2 = Transaction reported on Form 1099-B received by the trust showing basis was not reported to the IRS
Free Delivery Indicator
On a sales record (record type 4), this is used to identify the transaction where securities are delivered (transferred) to another account with no impact to income/principal cash balances in the source account. The asset is simply transferred and not sold.
  • Blank or 0 = No
  • 1 = Yes (When this indicator is set to 1 (Yes), the Distribution in Kind Signal should be blank.)