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Search Trust Tax (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Trust Tax

The Vendor Info Category

The options in the
Vendor Info
 category (referred to as Vendor Info options) provide information about your Trust Accounting Vendor. Vendor Info options can be set at the SuperBank and PAN levels. The Vendor Info options include:
Option
Description
Trust Accounting Vendor I.D.
Bank I.D. Number
These options are typically set by ONESOURCE Trust Tax.
Use the
Trust Accounting Vendor I.D.
 option to select or change your trust accounting vendor (TAV). Use the
Bank I.D. Number
 option to enter or change the ID assigned to your organization by either Thomson Reuters or your TAV.
note
If your TAV is SEI Corporation, enter your organization's Master ID number in the
Bank I.D. Number
 field.
Do not copy mutual fund factors from the source account when copying trust data to a successor trustee or merging trust data
This option determines whether mutual fund factors are included or excluded when an account is copied or merged from one PAN to another.
When this option is set to
No
 (the default), mutual fund factors are included when an account is copied or merged from one PAN to another. When this option is set to
Yes
, all mutual fund factors are excluded when an account is copied or merged from one PAN to another.
When tax history back-end data files are created
This option is no longer applicable. Do not set it.
When electronic estimate back-end data files are created
This option is no longer applicable. Do not set it.
When matching mutual fund payments with transactions, include transactions posted this many days before the payment date
This option applies to the Income Reallocation Service and the WSC Plus Package. It determines whether ONESOURCE Trust Tax uses a date range or the actual posting date to match mutual fund payments to mutual fund transactions sent from WSC.
Enter a number if you want ONESOURCE Trust Tax to use a date range. Do not enter a number if you want ONESOURCE Trust Tax to use the actual posting date.
Wall Street Concepts factors for USGI appear in Trust Tax as
This option applies to the Income Reallocation Service and the WSC Plus Package. It determines how factors for USGI are reported on 1099 forms.
Select
USGI Reported as dividends (Tax Code 1 or 500)
 to report factors for USGI as nonqualified dividends (tax code 1) or qualified dividends (tax code 500). Select
USGI-Federal taxable only (Tax Code 13)
 to report factors for USGI as interest income.
Wall Street Concepts factors for municipal interest appear in Trust Tax as
This option applies to the Income Reallocation Service and the WSC Plus Package. It determines how factors for municipal interest are reported.
Select
Tax Code 83 (Municipal interest reported as dividends)
 to report factors for municipal interest as dividend income on tax returns and 1099 forms. Select
Tax Code 11 (Municipal interest)
 to report factors for municipal interest as tax exempt income on tax returns and 1099 forms.
If WSC provides factors for Foreign Taxes Paid on Dividends (Tax Code 299 or 499) without related factors for Foreign Dividends (Tax Code 3, 501, 128, or 518), factors for dividend income appear as
This option applies to the Income Reallocation Service and the WSC Plus Package. It determines how foreign income is classified.
Select
Domestic dividends (Tax code 5, 502, 127, or 517)
 (the default ) to classify foreign income as domestic dividend income.
note
ONESOURCE Trust Tax defaults to classifying foreign income as domestic qualified dividend income. Using the default selection may result in a situation where there are foreign taxes but no foreign income. For example, the data received from WSC includes a factor for foreign taxes paid, but the corresponding income factor is classified as domestic dividend income. This will result in having foreign taxes paid but no foreign income.
Select
Foreign dividends (Tax code 3, 501, 128, or 518)
 to classify foreign income as foreign dividends.
If WSC provides a factor for Foreign Taxes Paid on Interest (Tax Code 39) without a related factor for Foreign Interest (Tax Code 10), factors for interest income appear as
This option applies to the Income Reallocation Service and the WSC Plus Package. It determines how foreign interest is classified.
Select
Domestic Other Interest (Tax code 7)
 to classify foreign interest as domestic interest. Select
Foreign Interest (Tax code 10)
 to classify foreign interest as foreign interest.
Modify Tax Effective Date for MBS transactions and buy downs based on the Payment Delay provided by Wall Street Concepts
This option applies to the WSC Plus Package. It determines whether the tax effective date for MBS transactions and buydown activities is modified based on the payment delay provided by WSC.
The tax effective date is modified when this option is set to
Yes
. The tax effective date is not modified when this option is set to
No
.
Print transition year text on MBS reports
This option applies to the WSC Plus Package. It determines whether the transition year information is printed on your MBS reports.
Select
Yes
 to print the transition year. Select
No
 to suppress the transition year.
Non-resident alien (NRA) factors for substitute income (tax codes 95-97)
This option applies to only NRA factors (not IR factors) received from WSC. This option is available at the PAN and SuperBank levels only. No account-level override is available for this option.
This option determines factoring for substitute income. The selections include:
  • Factor from substitute income tax codes and factor to substitute income tax codes
    -This is the default selection. It is the method used in tax years prior to 2020 for factoring substitute income. When selected, the
    Substitute Tax Code
     and
    Description
     columns display and populate in the detail grid under the
    Wall Street Concepts Factor Detail
     collapsible section for the NRA registers in the
    Wall Street Concepts Income Reallocation for NRA
     base category.
  • Factor from substitute income tax codes but do NOT factor to substitute income tax codes
  • Do NOT factor from substitute income tax codes and do NOT factor to substitute income tax codes
    -When selected, substitute payments (tax codes 96, 96 and 97) do not display in the
    Substitute Tax Code
     and
    Description
     columns in the detail grid under the
    Wall Street Concepts Factor Detail
     collapsible section for the NRA registers in the
    Wall Street Concepts Income Reallocation for NRA
     base category.
note
No options exist for IR factors. IR factors are factored from substitute income tax codes and are not factored to substitute income tax codes.
Do not set the WSC Income Reallocation potential issue "Posting does not exist for this asset in at least one range", when only purchases or sales exist in specific payment range(s)
This option helps eliminate the potential issue message indicating no posting were found when the asset was not held for payment periods (the asset was either purchased or sold during the year; therefore, there is a valid reason for the missing postings).
No
 is the default selection.
When this option is set to
Yes
, the potential issue messages that are displayed in the
Additional Information
 column on the factor pages change as follows:
  • For payment ranges containing no factorable transactions before a payment range containing a purchase transaction (tax code 946 or 951), the message, "No postings found before purchase or after sale," replaces the "No postings in this range" message.
  • For payment ranges containing no factorable transactions after a payment range containing a sale or transfer transaction (tax code 950), the message, "No postings found before purchase or after sale," replaces the "No postings in this range" message.
  • For payment ranges containing a purchase transaction (tax code 946 or 951) before payment periods containing factorable transactions, the message, "No Transaction other than purchases/Sale found," displays.
  • For payment ranges containing a sale or transfer (tax code 950) after payment periods containing factorable transactions, the message, "No Transaction other than purchases/Sale found," displays.
If a payment range contains both purchase transactions and factorable transactions, the message, "PANs with postings," displays. Similarly, if a payment range contains both sales or transfers and factorable transactions, the message, "PANs with postings," displays.
If a payment range contains only transaction(s) in tax code 900 or 955, the message, "No postings in this range," displays for that range and is considered as a potential issue.