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This article applies to:

  • Product: ONESOURCE Trust Tax

Numbers

5X5 Year End Market Value
Total market value of trust assets. This Record 1 field is displayed on the ONESOURCE Trust Tax Software worksheet and is used to calculate the 5x5 Crummy amount when no "Year End Market Value (Percent of Power)" is provided. The "FMV at 12/31" from Record 8 is used in the 5227 in lieu of this value.
5X5 Year End Market Value Percent of Power (Power Decimal)
Percent of gains distributed.
5X5 Owner Decimal
Owner's percentage of gains distributed (if a blank is sent, the field won’t be changed).
990 Schedule A Indicator
Account types 990 and 990-EZ may have Schedule A attached.
  • Blank, 0 = N/A. No output of this type.
  • 1 = Yes, Schedule A applies.
990/990-PF Asset Type
The following codes are for 990-PF unless otherwise noted.
  • I = Investments – corporate stock
  • J = Investments – corporate bonds
  • K = Investments – other
  • L = Other assets (990 & 990-PF)
  • M = Investments – U.S. and State obligations
  • N = Deferred revenue
  • O = Other liabilities (990 & 990-PF)
  • S = Invest - Securities (990 only)
990-T
A 990-T can be selected alone or with an Account Type of 990, 990-EZ or 990-PF. Use the following codes to indicate the type of 990-T:
  • 0 = N/A
  • 1 = 501 (c) Trust
  • 2 = 401 (a) Trust
  • 3 = 501 (c) Corporation
  • 4 = Other Trust
1041 Tax Processing Bridge Indicator
This field is used to indicate that the trust account is to bridge for 1041 tax processing. This is information only. Expected entries are blank, Y (yes), or N (no).
1042-S Canadian Province Code
Enter the two-character code identifier to signify the Canadian Province. Only Provinces allowable for 1042-S should be entered which are as follows:
  • AB = Alberta
  • BC = British Columbia
  • MB = Manitoba
  • NB = New Brunswick
  • NL = Newfoundland & Labrador
  • NS = Nova Scotia
  • NT = Northwest Territories
  • NU = Nunavut
  • ON = Ontario
  • PE = Prince Edward Island
  • QC = Quebec
  • SK = Saskatchewan
  • YT = Yukon Territory
1042-S Chapters 3 and 4 status codes
The IRS 1042-S Codes can be found in the most recent Form 1042-S instructions, which can be found by searching for 1042-S IRS Forms and Publications (PDF). Currently, the Bridge value for the IRS code matches the IRS 1042-S Code without the leading zero.
1042-S Country Code of Residence for Tax Purposes
Enter the two-character foreign country code identifier from the IRS Country Code List found at https://www.irs.gov/countrycodes to signify that the beneficiary should receive a 1042-S. This also determines which Treaty Rate is used.
note
XY = Unknown is the only addition to the list. It is not in the IRS list, as it should only be used for 1042-S Recipients who have a status code of UNKNOWN and will be converted to blank on the 1042-S IRS file.
1042-S LOB Code (Limitation on Benefits Treaty Category Code)
Enter the code that best describes the limitation on benefits (LOB) category that qualifies the taxpayer for the requested treaty benefit. The IRS 1042-S Codes can be found in the most recent Form 1042-S instructions, which can be found by searching for 1042-S IRS Forms and Publications (PDF).
1098 Indicator
Used to process a 1098 for the Account.
  • Y = Yes, to receive this type of output.
  • Blank or N = No output of this type.
1099 Account Indicator
This field is required for 1099 Processing a 1099-DIV, 1099-INT, 1099-OID, and 1099-B. If the TAV system has individual indicators and any of them are set, then you should also set this field. Additional processing considerations will be evaluated at a transaction level such as valid Nominee codes.
  • Y = Yes, this type of output was requested on the TAV system.
  • Blank & N = No output of this type is requested.
1099 Recipient Percentage
This field is used to provide the actual Recipient's percentage of the amount distributed. It should be populated for all Multi-Owner recipients. It is used when deriving the values for 1099-DIV, 1099-INT, 1099-B, 1099-OID and 5498. When deriving values for 1099-R, 1099-Q, 1099-MISC-R (receipts) and 1099-MISC-SP (service providers), ONESOURCE Trust Tax Software ties cash distributions using "Taxpayer Id of Beneficiary" in Record Type 2 to the "Paid For Number" in Record Type 3.
1099 Recipient Type
  • B, Blank = both legal beneficiary and multi-owner (1099) beneficiary – can have more than one per account
  • L = Legal beneficiary – can have more than one per account
  • M = Multi-owner (1099) beneficiary – can have more than one per account
  • D = Dummy beneficiary to keep the 1099 beneficiary percentages at 100% (a foreign resident) – can have only one per account
  • N = 1042-S NQI – can have only one per account
note
Note 1: If the TAV system can't leave this field blank or send a B to indicate that the recipient is both a legal and a 1099 beneficiary, then the same TIN can be sent for the same account with an L on 1 record and an M on the other record. Load will remove the duplication by loading all the information sent on the Recipient Type L record and only loading the 1099 Recipient Percentage on the Recipient Type M record. If only a Recipient Type M record is sent, then all that information will be loaded. If possible, it is best to send the Recipient Type L record before the Recipient Type M record.
note
Note 2: Codes except N are loaded to the 1099 Recipient Type field located on the Recipient Screen.
1099-Misc Disbursements (Service Provider)
Process 1099-Misc for this account. This type of 1099-Misc is often referred to as "Service Provider". Qualifying transactions are driven by disbursement codes that are entered into a 1099-Misc control file. Trust is always a payer.
  • Y = Yes, to receive this type of output.
  • Blank & N = No output of this type.
1099-Misc Receipts (Rent & Royalty)
Process 1099-Misc for this account. Qualifying transactions are driven by receipt codes that are entered into a 1099-Misc control file. Control File option determines the payer.
  • Y = Yes, to receive this type of output.
  • Blank or N = No output of this type.
1099-NEC Indicator
Process Form 1099-NEC for the account.
  • Y = Yes, to receive this type of output.
  • Blank & N = No output of this type.
1099-Q Indicator
Process Form 1099-Q for the Account.
  • Y = Yes, to receive this type of output.
  • Blank & N = No output of this type.
1099-R Indicator
Process Form 1099-R for the Account.
  • Y = Yes, to receive this type of output.
  • Blank & N = No output of this type.
1099 Service Level
Indicates the Level of 1099 Service.
  • Blank = Not a 1099 type account
  • N = Out-sourced account, no service contract
  • X = Premium (1099 with Full Detail, includes Tax Information Letter Statement, 1099 Forms and Instructions)
  • Y = 1099 with reported detail only, includes 1099 Forms and Instructions only
  • Z = 1099 with no detail, output includes 1099 Forms only
  • B = Blank out an X, Y, or Z
5227 Asset Type
  • A = Cash (Non-Interest)
  • B = Savings and temporary cash investments
  • E = Inventories for sale or use
  • F = Prepaid expenses and deferred charges
  • G = Investments – U.S. government obligations
  • H = Investments – state government obligations
  • I = Investments – corporate stock
  • J = Investments – corporate bonds
  • K = Investments – other
  • L = Other assets
  • M = Accounts payable and accrued expense
  • N = Deferred revenue
  • O = Other liabilities
5498 Indicator
Process a Fair Market Value Statement in January and 5498 Return for the May due date.
  • Y = Yes, to receive this type of output.
  • Blank & N = No output of this type.
5498 Fair Market Value Tax Year
This is the 4-digit tax year that applies to the value you bridged in the 5498 Fair Market Value as of 12/31 of the Tax Year.
5498 Fair Market Value as of 12/31 of Tax Year
This is the dollar value representing the Fair Market value of a 5498 account as of 12/31 of the tax year specified in 5498 Fair Market Value Tax Year. If no 5498 Fair Market Value Tax Year is included, this amount won’t be used.
5498 Fair Market Value of certain specified assets amounts
This is the dollar value used to report the fair market value (FMV) of investments in an IRA that are specified by reported category codes.
5498 Fair Market Value of certain specified assets code
Per the IRS Form 5498 instructions, use 1 or 2 of these codes for reporting the types of investments held in an IRA for which the fair market value is reported. If more than 2 codes apply, Code H should be used.
  • A — Stock or other ownership interest in a corporation that is not readily tradable on an established securities market
  • B — Short or long-term debt obligation that is not traded on an established securities market
  • C — Ownership interest in a limited liability company or similar entity (unless the interest is traded on the established securities market)
  • D — Real estate
  • E — Ownership interest in a partnership, trust, or similar entity (unless the interest is traded on the established securities market)
  • F — Option contract or similar product that is not offered for trade on an established option exchange
  • G — Other asset that doesn’t have a readily available FMV
  • H — More than 2 types of assets (listed in A through G) are held in this IRA
  • AB — Both A & B asset types are held in IRA
  • AC — Both A & C asset types are held in IRA
  • AD — Both A & D asset types are held in IRA
  • AE — Both A & E asset types are held in IRA
  • AF — Both A & F asset types are held in IRA
  • AG — Both A & G asset types are held in IRA
  • BC — Both B & C asset types are held in IRA
  • BD — Both B & D asset types are held in IRA
  • BE — Both B & E asset types are held in IRA
  • BF — Both B & F asset types are held in IRA
  • BG — Both B & G asset types are held in IRA
  • CD — Both C & D asset types are held in IRA
  • CE — Both C & E asset types are held in IRA
  • CF — Both C & F asset types are held in IRA
  • CG — Both C & G asset types are held in IRA
  • DE — Both D & E asset types are held in IRA
  • DF — Both D & F asset types are held in IRA
  • DG — Both D & G asset types are held in IRA
  • EF — Both E & F asset types are held in IRA
  • EG — Both E & G asset types are held in IRA
  • FG — Both F & G asset types are held in IRA
8949: 1099-B "Reported" disposition
If the Trust has received a 1099-B transaction, select 1 of the following values on Form 8949 checkbox. 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
State Code Table
Foreign Country Code List – Refer to https://www.irs.gov/countrycodes for a complete list of country codes. XY = Unknown is the only addition to the list. It is not in the IRS list, as it should only be used for 1042-S Recipients who have a status code of UNKNOWN and will be converted to blank on 1042-S IRS file.