The Print Category

Select the number of federal returns to print for each irrevocable account. When printing from a register, the number selected for this option is the number of copies that will print when

Default Set

is selected for the

Copies

drop-down list on the Print pop-up window.

Select the number of state tax returns to print for each irrevocable account.

Select the number of recipient packets printed for each irrevocable account.

Select the number of federal tax returns printed for each revocable account. When printing from a register, the number selected for this option is the number of copies that will print when

Default Set

is selected for the

Copies

drop-down list on the Print pop-up window.

Select the number of state tax returns printed for each revocable account.

Select the number of recipient packets printed for each revocable account.

Select the number of federal and state returns printed for each 990 account. The default value is one copy.

This option determines whether the diagnostic pages are printed when a 1041, 990 series or 5227 return is printed using the local print or bulk ship method.

Select

Yes

to suppress the diagnostic pages. Select

No

to print the diagnostic pages.

This option determines whether Form 1041-V (Payment Voucher) is included as the first page in the Federal section of the print file when there is a federal tax due.

Select

Yes

to include Form 1041-V when there is a federal tax due. Select

No

to suppress Form 1041-V when there is a federal tax due.

Select whether you want to print the recipient's SSN or EIN on documents sent to the recipient. This option applies to forms included in only the beneficiary or recipient package. Forms included in a print or electronic federal or state filing are never masked.

This option determines if the contact information is printed on your tax letters. Contact information is entered using the options in the

Beneficiary

category.

This option determines whether a tax letter or Schedule K-1 prints for recipients who did not receive a current year distribution. When

Yes

is selected, the following message prints for those recipients who did not receive a current year distribution:

NO DISTRIBUTION WAS MADE THIS YEAR, THEREFORE THERE IS NO INCOME FOR YOU TO REPORT ON YOUR RETURN.

This option determines whether U.S. Government Interest (USGI)amounts are printed separately from the other interest amounts in the Federal section of the tax letter or Schedule K-1 statement. With a rare exception, this option does not affect the USGI amount reported in the state K-1 or beneficiary message.

In most cases, the net USGI amount included in interest or dividends for federal does not match USGI amounts reported on state K-1 or beneficiary message. Net USGI amounts included in interest or dividends on the federal K-1 are based on the Section 652(b) allocation of expenses, which often includes state taxes and other nonallocable expenses. Often, no USGI is reported for federal purposes because most users elect an expense allocation method that offsets expenses against a reduced rate of income last. (Since USGI tends to be a higher taxed income, the expense typically offsets this income first.) The state USGI computation used by most states prorates allocable expenses against gross USGI to determine the net USGI adjustment.

To help avoid confusion when state K-1 beneficiary messages are generated, ONESOURCE Trust Tax strongly recommends setting this option to

Include with other interest for both irrevocable and revocable accounts

or

Include with other interest for irrevocable accounts only

.

This option is not applicable beginning with

This option determines whether foreign income is printed separately or is included in its respective income category for your tax letters and Schedule K-1 statements.

To help avoid confusion when state K-1 or beneficiary messages are generated, ONESOURCE Trust Tax strongly recommends setting this option to

Include with other interest for both irrevocable and revocable accounts

or

Include with other interest for irrevocable accounts only

.

This option determines whether tax-exempt income is printed as one number or separated into taxable and nontaxable municipal income with respect to the recipient's state of taxation.

Since taxable municipal income is often included on state K-1s and beneficiary messages, ONESOURCE Trust Tax strongly recommends setting this option to

Print on tax letter/Schedule K-1, reflected as one amount

or

Segregate between nontaxable/taxable municipal income on revocables; show as one amount on irrevocables

.

This option determines whether tax-exempt income subject to AMT (tax codes 121, 123, 124 and 136) is separated from tax-exempt income that is not subject to AMT on grantor and agency tax letters.

This option applies only when the recipient's TIN is a SSN. It does not apply when a recipient's TIN is an EIN.

This option determines whether Form 1040 line references are printed on the recipient's tax letter for each item of income and expense. Line references include an indication as to where the information should be entered on the recipient's Form 1040.

This option determines whether the Income and Deductions detail schedule prints. The Income and Deductions detail schedule shows the beneficiary's share of income and deductions and how the deductions were allocated under the Section 652(b) expense allocation.

The selections include:

This option determines whether a detail statement of activity income is printed with the beneficiary copy of the Schedule K-1 or tax letter. The statement details the beneficiary's share of income from activity income, and lists the state where each property or activity is located.

This option determines how tax-exempt income is presented on supporting detail for revocable trusts and agency accounts.

The selections include:

This option determines whether tax-exempt interest from municipal bond funds or factored transactions is summarized based on the account's situs state and recipient's resident state. When summarized, tax-exempt interest from states that are taxable to the situs state or resident state is shown as one amount on the detail pages. Income is summarized on the tax return detail pages and the tax worksheet.

Select

Yes

to summarize tax-exempt interest. Select

No

to detail tax-exempt interest.

This option determines whether municipal interest from common trust funds is summarized based on the account's situs state and the recipient's resident state. When summarized, municipal interest from states that are taxable to the situs state or resident state is shown as one amount on the detail pages and the tax worksheet.

This option determines whether foreign income from mutual funds or factored transactions is summarized on the Foreign Investments page.

Select

Yes

to summarize foreign income. Select

No

to detail foreign income.

This option applies to the WSC Plus Package.

This option determines whether the additional written statement is printed for UITs that are treated for tax purposes as grantor trusts.

Select

Yes

to suppress the additional written statement. Select

No

to print the additional written statement.

This option determines whether a condensed font or a larger font is used to print each recipient tax letter for 1041-processed grantor or agency accounts.

This option determines whether resident and nonresident state beneficiary messages are suppressed or printed. This option does not impact whether state K-1s are generated in the recipient package.

State beneficiary messages are provided as an aid for the beneficiary to file a resident state return.

A state beneficiary message is considered:

This option determines the level of detail provided for each category listed in IRS regulation number REG-113295-18. The regulations classify certain deductions to an estate or non-grantor trust as either deductions used in arriving at AGI or non-miscellaneous itemized deductions. The selections for this option include:

Deductions are apportioned so that those categorized as deductions used in arriving at AGI are maximized. Within the non-miscellaneous itemized deductions category, deductions that are not subject to any limitation are maximized over deductions that are subject to the limitations (for example, taxes subject to the $10,000 limitation).

The following example shows how deductions are apportioned when this option is set to the default selection

(For each category listed in regulations, detail individual excess deduction components (e.g. taxes subject to $10,000 limitation)

:

A final year account has $1,400 in interest income, $600 in fiduciary fees, $100 in taxes not subject to the $10,000 limitation, and $1,900 in state income taxes subject to the $10,000 limitation. Excess deductions are $1, 200. When the K-1 detail statement is generated, it will indicate $600 in deductions allowable in arriving at adjusted gross income (all fiduciary fees), and $600 in non-miscellaneous itemized deductions ($100 in taxes not subject to the $10,000 limitation, and $500 in state income taxes subject to the $10,000 limitation.

This option is not applicable beginning with tax year 2020.

For accounts that have excess deductions upon termination, this option determines whether a statement detailing the recipient's share of excess deduction is attached to the recipient's Schedule K-1.

This option determines whether the following is suppressed or printed as part of the state beneficiary message:

IF YOU HAVE ANY QUESTIONS, YOU SHOULD CONSULT YOUR TAX COUNSEL.

For adjustment states only, this option determines whether a statement detailing nonresident beneficiary message computations is suppressed or printed.

This option applies to Arizona, Connecticut, Massachusetts, Maryland, New Jersey and New York. It determines whether a statement detailing resident state beneficiary message computations is suppressed or printed. To generate a resident state beneficiary message, the account's situs state and the recipient's resident state must be the same.

This option determines whether the account number is printed with the account name on each tax return. Printing the account number with the account name can help you identify the account. For example, an IRS notice refers only to the EIN of the account. If the account number is printed with the account name on the tax return then any correspondence from the IRS will also include the account number as part of the account name.

For 1041 and 990 series returns, a prefix for the account number can be printed when the account number is printed as part of the account name. You can select the account's sub ID, the tax preparer code, the trust administrator code, or the investment officer code as the prefix.

Printing a prefix along with the account number and account name can help you identify the account. For example, printing the account's sub ID along with the account number and account name can help direct any IRS notices to the appropriate department within your organization.

This option determines whether the account number is suppressed or printed on each 1041 return.

This option determines whether the account number is suppressed or printed on the pages of your 990, 990-EZ, 990-PF or 5227 returns. The selections include:

This option applies to grantor and agency accounts.

This option determines whether to print expenses that, beginning with tax year 2018, are no longer deductible on Form 1040, Schedule A. Select

Yes

to suppress printing expenses. Select

No

(the default) to print expenses.

This option allows you to mask the account number on 1041 returns. To mask all but the last four digits of the account number, select

4

from the

Drop Down Value

field.

This option allows you to mask the account number on 990 series and 5227 returns. To mask all but the last four digits of the account number, select

4

from the

Drop Down Value

field.

This option determines whether TAI amounts are printed on Schedule B for simple trusts.

For final year returns for grantor accounts, this option determines whether a notation is printed at the end of the grantor trust statement. The notation indicates that the Form 1041 is the final Form 1041.

Select

Yes

to suppress the following verbiage when some or all of the supporting statements detailing income and deductions are not generated for grantor accounts:

A STATEMENT OF INCOME AND DEDUCTIONS IS ATTACHED HERETO

This option determines whether cost basis information for sales is included on grantor tax letters. A reference on the tax form indicates that the net gain or loss should be entered on Schedule D.

Select

Yes

only if you want the grantor trust to report the net gain/loss from sales directly on Form 1040, Schedule D in the same manner as if gains had been distributed from an entity (such as a nongrantor trust or partnership) that generates a Schedule K-1.

For simple and complex $300 trusts, select the level of detail to generate for supporting statements detailing income and deduction transactions.

For complex $100 trusts, select the level of detail to generate for supporting statements detailing income and deduction transactions.

For estates, select the level of detail to generate for supporting statements detailing income and deduction transactions.

For grantor accounts, select the level of detail to generate for supporting statements detailing income and deduction transactions. When transaction-level detail is generated for grantor accounts, the explanation is limited to three lines.

For 1041 processed agency and custodian accounts, select the level of detail to generate for supporting statements detailing income and deduction transactions. When transaction-level detail is generated for agency accounts, the explanation is limited to three lines.

For revocable 1041 accounts and 990 accounts, this option determines whether Schedule D transaction detail prints in a condensed or normal font. A condensed font has a narrow typeface, which allows more text to print in the same space as that of a normal font but may reduce readability.

The selections include:

For 990 accounts, select the level of detail to generate for supporting statements detailing revenue and expense items.

For split-interest trusts, select the level of detail to generate for supporting statements that detail revenue and expense items.

This option determines whether to suppress or print the supporting statement detailing the federal computation of expenses allocated between taxable and tax-exempt income.

This option determines whether to suppress or print Form 56 for initial or final year returns, or when there is a change in fiduciary.

Carryover loss information is printed on the diagnostic page. This option determines whether the carryover loss information is also printed on a separate capital loss carryover schedule, which is included after the diagnostic pages in the tax return print file.

Regardless of how this option is set, carryover loss information is retained for the following year.

This option is available at the account level only.

This option is applicable to tax year 2020. This option is available at the account level only.

This option is not applicable beginning with tax year 2018. This option is available at the account level only.

For revocable accounts, this option determines the format of the shares or units sold column on the Schedule D supporting statement. When the shares or units sold are aligned by decimal point, the decimal point for each row prints in a standard location. When the shares or units sold are not aligned by decimal point, the values in each row are aligned to the left and the decimal points do not print in a standard location.

This option determines whether a condensed font or a larger font is used to print Schedule D and Form 4797 transactions that are detailed on a supporting statement.

This option is not applicable beginning with tax year 2021.

This option determines how foreign source income and foreign tax information is printed on Form 1116 and tax letters. The default is to print country-by-country detail of foreign source income and taxes paid. ONESOURCE Trust Tax prints VARIOUS as the country name if

Combine all foreign source income as one item and taxes paid as one item

is selected.

This option determines whether a supplemental schedule detailing the average fair market values for Part X on Form 990-PF is printed.

Select

Yes

to print the supplemental schedule. Select

No

to suppress the supplemental schedule.

ONESOURCE Trust Tax uses prior year tax forms when a short year final return is processed before the current year tax forms are available. ONESOURCE Trust Tax indicates that the tax return is for the current year by crossing out the prior tax year and printing the current tax year to the right of it. This designation is made on page 1 of Form 1041, Schedule K-1, or an Arizona or Iowa tax return.

Selecting

Yes

allows you to use the tax forms for the previous year without crossing out the previous tax year and printing the current tax year to the right of it.

This option applies to Alabama, Connecticut, Delaware, Georgia, Iowa, Idaho, Indiana, Kansas, Kentucky, Michigan, Minnesota, Missouri, Mississippi, Montana, Nebraska, North Dakota, Oklahoma, Oregon, Pennsylvania, South Carolina, Utah, Vermont, Virginia and Wisconsin.

This option determines whether one copy of the federal tax return is attached to the state return for accounts where the situs state is one of the states listed above.

Regardless of the number of state returns printed, only one copy of the federal return is attached to the state return. The federal return is included after the state return and is considered part of the state return.

These options apply to deprecation for 990 returns only.

Select

Yes

for

Print next year's depreciation-990 accounts

to generate a projection for next year's depreciation.

Select

Yes

for

Suppress all depreciation detail-990 accounts

to suppress all depreciation supporting detail.

Yes

is selected primarily when the depreciation total is entered rather than calculating the total from detail.

Select

Yes

for

Print Form 4562 if no current-year acquisitions and no prior-year listed property-990 accounts

to print Form 4562 even when it is not required. Selecting No prints Form 4562 only when there is a current year acquisition.

This option is available at the PAN level only. An account-level override is unavailable.

This option allows you to turn off the security feature when PDFs are generated for your account and bank documents. Selecting

Yes

gives you the ability to encrypt or password-protect PDF files yourself, and to extract specific pages from the PDFs generated for local print.

This option determines whether Form 1041-T is printed for grantor accounts. Form 1041-T is used when a trust or a decedent's estate in its final year elects under Section 643(g) to have any part of its estimated tax payments treated as made by one or more recipients.

Select the message (if any) to print on Schedule K-1 when there are no amounts to be reported.

This option determines whether to suppress or print state 5227 returns for pooled income funds (PIFs) and charitable lead trusts (CLTs).

Select

Yes

to suppress the state 5227 tax returns. Select

No

to print the state 5227 tax returns.

This option allows you to use expanded balance sheet detail data for your split-interest trusts.

Select

Yes

to use expanded balance sheet detail data. Select

No

if you do not want to use expanded balance sheet detail data.

The year-end balance sheet data may be transmitted by your Trust Accounting Vendor (TAV). If it is not, you need to manually enter the year-end values in ONESOURCE Trust Tax.

This option determines whether Required Minimum Distribution (RMD) letters are printed for 990, 990-EZ and 990-PF returns. RMD letters explain the required distribution payout and are included in the Miscellaneous section of the tax return document.

When this option is set to

Yes

:

When this option is set to

No

, the RMD letters do not print.

This option applies to 990-PF tax returns beginning with tax year 2022. It determines whether recipient records in an account that did not receive any distributions are printed in Part XIV of the 990-PF tax return.

When this option is set to

Yes

, the recipient records in an account that did not receive any distributions are not printed in Part XIV of the 990-PF tax return. Flagging recipient records as deleted is no longer necessary.

When this option is set to

No

(the default), the recipient records in an account that did not receive any distributions are printed in Part XIV of the 990-PF tax return.