About Preparing OSMI Reports
Out-of-state municipal income (OSMI) reporting is required for the following states:
- California
- Connecticut
- Massachusetts
- Minnesota
- Montana
- New York
- Rhode Island
Using ONESOURCE Trust Tax, you can prepare OSMI reports and file OSMI data with the taxing authorities for the states listed above. ONESOURCE Trust Tax saves the OSMI data for each recipient when a tax return processing request is submitted that includes 1099s with OSMI data and the accounts have recipients who are residents of a state where OSMI reporting is required.
ONESOURCE Trust Tax formats OSMI data in compliance with the requirements of the state taxing authority. Filing due dates and submission methods differ among the states. See Filing OSMI Data for details.
note
ONESOURCE Trust Tax does not submit OSMI data to any of the state taxing authorities on your behalf. You are responsible for filing OSMI data with the state taxing authority using the submission method outlined by the state taxing authority.
Tasks
Complete the following tasks to prepare OSMI reports and file OSMI data with the appropriate state taxing authorities:
- Setting PAN-Level Options.
- Setting OSMI Controls.
- Processing 1099s.
- Reviewing and Updating OSMI Data.
- Preparing OSMI Reports.
- Downloading OSMI Data Files.
- Filing OSMI Data.