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This article applies to:

  • Product: ONESOURCE Trust Tax

The Beneficiary category

The options in the Beneficiary category (referred to as Beneficiary options) define general beneficiary information. Beneficiary options can be set at the SuperBank, PAN, bulk override, and account override levels. The Beneficiary options include:
Option
Description
Beneficiary distribution computations-Simple and Complex $300 trusts
This option identifies how beneficiary distributions are calculated for simple and complex $300 trusts. The selections include:
  • Accumulate matched payments for each beneficiary; convert to a percentage of total amounts distributed
    -Transactions for a beneficiary are totaled. The total is then converted to a percentage for all beneficiary transactions for the account. This is the default.
  • Use percentage passed in beneficiary record of your trust accounting system
    -The percentage loaded from your trust accounting system is used. The default (
    Accumulate matched payment for each beneficiary; convert to a percentage of total amounts distributed
    ) is used if a percentage is not loaded from your trust accounting system.
  • Give each beneficiary an equal share of the total distributions
     - 100% is divided by the number of beneficiaries in the account so that each beneficiary has an equal share.
Beneficiary distribution computations-Complex $100 trusts
This option identifies how beneficiary distributions are calculated for complex $100 trusts. The selections include:
  • Accumulate matched payments for each beneficiary; present as a dollar amount
    - Distribution transactions for each beneficiary are accumulated based on beneficiary distribution tax codes, and the amount distributed is reported as a dollar amount. Distribution transactions that are not matched to a valid beneficiary are included in the total, but not in the individual beneficiary total. This is the default.
  • Use percentage passed in beneficiary record of your trust accounting system
    -The percentage loaded from your trust accounting system is used. The default (
    Accumulate matched payment for each beneficiary; present as a dollar amount
    ) is used if a percentage is not loaded from your trust accounting system.
Beneficiary distribution computations-Estates
This option identifies how beneficiary distributions are calculated for estates. The selections include:
  • Accumulate matched payments for each beneficiary; present as a dollar amount
    - Distribution transactions for each beneficiary are accumulated based on beneficiary distribution tax codes, and the amount distributed is reported as a dollar amount. Distribution transactions that are not matched to a valid beneficiary are included in the total, but not in the individual beneficiary total. This is the default.
  • Use percentage passed in beneficiary record of your trust accounting system
    - The percentage loaded from your trust accounting system is used. The default (
    Accumulate matched payment for each beneficiary; present as a dollar amount
    ) is used if a percentage is not loaded from your trust accounting system.
Beneficiary distribution computations-Grantor trusts
This option identifies how beneficiary distributions are calculated for grantor trusts. The selections include:
  • Accumulate matched payments for each beneficiary; convert to a percentage of total amounts distributed
    -Transactions for a beneficiary are totaled. The total is then converted to a percentage for all beneficiary transactions for the account. This is the default.
  • Use percentage passed in beneficiary record of your trust accounting system
    -The percentage loaded from your trust accounting system is used. The default (
    Accumulate matched payment for each beneficiary; convert to a percentage of total amounts distributed
    ) is used if a percentage is not loaded from your trust accounting system.
  • Give each beneficiary an equal share of the total distributions
    - 100% is divided by the number of beneficiaries in the account so that each beneficiary has an equal share.
Beneficiary distribution computations-Agency accounts
This option identifies how beneficiary distributions are calculated for agency accounts. The selections include:
  • Accumulate matched payments for each beneficiary; convert to a percentage of total amounts distributed
    -Transactions for a beneficiary are totaled. The total is then converted to a percentage for all beneficiary transactions for the account. This is the default.
  • Use percentage passed in beneficiary record of your trust accounting system
    -The percentage loaded from your trust accounting system is used. The default (
    Accumulate matched payment for each beneficiary; convert to a percentage of total amounts distributed
    ) is used if a percentage is not loaded from your trust accounting system.
  • Give each beneficiary an equal share of the total distributions
    - 100% is divided by the number of beneficiaries in the account so that each beneficiary has an equal share.
Contact Name & Phone Number to be printed on K-1/Tax Letters generated for beneficiaries
This option determines the contact information that is printed on recipient Schedule K-1s and tax letters when the PAN or SuperBank Print option for printing the preparer or officer code is set to print. The selections include:
  • No contact information to be printed
    -Contact information is suppressed.
  • Print preparer name and telephone number
    -The tax preparer information under the
    Contact Information
     collapsible section on the User detail page is printed.
  • Print administrator name and telephone number
    -The trust administrator information under the
    Contact Information
     collapsible section on the User detail page is printed.
  • Use name and telephone number entered below
    -The name and telephone number entered in the
    Name
    ,
    Telephone Number
     and
    Extension
     Beneficiary are used used.
note
This option has a matching option in the
Enhanced 1099
 category.
Name
Telephone Number
Extension
Enter the name, telephone number, and extension of the beneficiary contact. This information prints on recipient Schedule K-1s and tax letters when
Use name and telephone number entered below
 is selected for the
Contact Name & Phone Number to be printed on K-1/Tax Letters generated for beneficiaries
 Beneficiary option.
note
These options have matching options in the
Enhanced 1099
 category.
Beneficiary name
When this option is set to
Yes
, the beneficiary (or recipient) name prints in the footer area of the tax letter.
Trust number
When this option is set to
Yes
, the trust number is printed in the footer area of the tax letter.
Date computed
When this option is set to
Yes
, the date the tax documents were computed is printed in the footer area of the tax letter.
Print with a bold font style
When this option is set to
Yes
, the last paragraph of the beneficiary tax letter is printed in boldface.
Line 1
Line 2
Line 3
Line 4
Line 5
Line 6
Use these options to enter a maximum of 6 lines of text that print as the last paragraph of the beneficiary tax letter. A maximum of 70 characters can be entered in each option.
Print a list of Sub Accounts as a beneficiary footnote-Simple and Complex $300 trusts
This option applies to simple and complex $300 trusts that are combined accounts.
When this option is set to
Yes
, a list of sub accounts providing tax information is printed in the footnote area of the tax letter. When this option is set to
No
, a list of sub accounts is not printed.
Print a list of Sub Accounts as a beneficiary footnote-Complex $100 trusts
This option applies to complex $100 trusts that are combined accounts.
When this option is set to
Yes
, a list of sub accounts providing tax information is printed in the footnote area of the tax letter. When this option is set to
No
, a list of sub accounts is not printed.
Print a list of Sub Accounts as a beneficiary footnote-Estates
This option applies to estates that are combined accounts.
When this option is set to
Yes
, a list of sub accounts providing tax information is printed in the footnote area of the tax letter. When this option is set to
No
, a list of sub accounts is not printed.
Print a list of Sub Accounts as a beneficiary footnote-Grantor accounts
This option applies to grantor accounts that are combined accounts.
When this option is set to
Yes
, a list of sub accounts providing tax information is printed in the footnote area of the tax letter. When this option is set to
No
, a list of sub accounts is not printed.
Print a list of Sub Accounts as a beneficiary footnote-Agency/Custodian accounts
This option applies to agency and custodian accounts that are combined accounts.
When this option is set to
Yes
, a list of sub accounts providing tax information is printed in the footnote area of the tax letter. When this option is set to
No
, a list of sub accounts is not printed.
note
This option has a matching option in the
Enhanced 1099
 category.
Do not print the second line of the Beneficiary name in the mailing address of a Copy to
This option determines whether the 2nd line of the beneficiary name is printed in the mailing address for a copy-to recipient when a greeting letter for a 1041 return is generated. When the option is set to
Yes
, the 2nd line of the beneficiary name is not printed in the mailing address for a copy-to recipient.
note
This option has a matching option in the
Enhanced 1099
 category.
Suppress print of the Royalty Trust Footnote
This option applies to the WSC Plus Package. It determines whether the royalty trust footnote is printed on the Tax Summary page.
Select
Yes
 to suppress the royalty trust footnote. Select
No
 to print the royalty trust footnote.
note
This option has a matching option in the
Enhanced 1099
 category.
Suppress print of the Asset Holdings footnote (option applicable beginning with tax year 2021)
This option applies beginning with the tax year 2021. It applies to grantor and agency accounts, and to accounts generating 1099-DIV, 1099-INT, 1099-OID, and 1099-B returns (collectively referred to as 1099 DIOB returns).
note
This option has a matching option in the
Enhanced 1099
 category.
Set this option to
No
 (the default) to generate the asset holding footnote. The generated footnote lists the asset ID and asset name for any asset held by an account that is marked for inclusion in the footnote. To turn on the footnote, you must:
  1. Ensure the
    Suppress print of the Asset Holdings footnote
     Beneficiary and Enhanced 1099 options are set to
    No
    .
  2. Create a custom register from any base asset register that has the
    Asset Master Information
     category available.
  3. Add the
    Include in Asset Holdings Footnote
     field to the custom register.
  4. Run the custom register.
  5. Set the
    Include in Asset Holdings Footnote
     field to
    Yes
     for each asset that should be considered for inclusion in the footnote listing. Suggested assets to mark include partnerships and other holdings where the recipient or beneficiary may receive tax information under separate cover.
  6. Select
    Save
     to save your changes.
Suppress print of the Asset Holdings footnote (option applicable beginning with tax year 2021)
 (Continued)
ONESOURCE Trust Tax determines whether an asset is included in the asset holdings footnote when the return is processed. When the return is processed, ONESOURCE Trust Tax analyzes the following to determine whether the account holds an asset when the asset flag is set to
Yes
:
  • Transactions associated with the asset (includes tax code 999).
  • Sales associated with the asset.
  • Activity records (for example, K-1 activities) associated with the asset.
  • Whether an asset's units are greater than zero for the year-end position record (record 3Q) for the asset.
  • To determine the 3Q records bridged for your accounts and the position of assets as of year end, review the
    Year End Position Information
     register.
  • ONESOURCE Trust Tax installs all 3Q records sent from trust accounting vendors (TAVs). Contact your TAV if you want additional position records included in your bridge files (some TAVs may send records for only WSC Plus assets).
To turn on the footnote for assets that have no activity for the year, consider creating transactions in tax code 999 or adding an activity record (for example, adding a K-1 activity using the K-1 Input page).