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  • Product: ONESOURCE Trust Tax

Release notes 25.02

Release Highlights

ONESOURCE Trust Tax version 25.02 includes bug fixes and introduces the following features:
  • Tax year 2020 processing no longer available
  • Reminder to download tax year 2019 archive data
  • Additional Form 5498 contribution types

New Features

2020 Tax Year Processing
Processing for tax year 2020 is no longer available. Process is now unavailable from the Account Action dropdown list in the account binder and in the Process subtopic in registers when you are logged in to tax year 2020.
Download Archive Data
As a reminder, Archive data for tax year 2019 will be available for download until June 30, 2025. Ensure you download data for this tax year before June 30. After June 30, the files will be permanently deleted.
To download Archive data, select the
Download Archive Data
 subtopic on the Admin topic from the Home menu. The user right
Can download Archive data
 will need to be set for users performing this task.
OSMI - Rhode Island
For tax years 2023 and prior, OSMI reporting for Rhode Island was submitted via paper. Beginning with tax year 2024, the state requires e-filing. As a result, the “(Paper Only)” text adjacent to the Rhode Island check box was removed from the
Prepare OSMI Report
 page in the
Admin
 topic.
Federal 1099 and State Direct 1099 Data
Beginning with this release, the informational message on the Federal 1099 Data and State Direct 1099 Data pages was revised to indicate which 1099 Filing (Federal or State) is currently processing.
When a Federal 1099 data file prepare request is in progress and the user navigates to the State Direct 1099 Data page then a “1099 Federal Filing is in progress, please wait” message will be displayed.
Similarly, when a State Direct 1099 file prepare request is in progress and the user navigates to the Federal 1099 Data page then “1099 State Filing is in progress, please wait” message will be displayed
Options and Overrides
The
Account Holder Name (Applies for IL and NC E-filing Only)
 option in the Electronic Filing category was revised to
Account Holder Name (Applies for IL, NC, and UT E-filing Only)
 indicating the option now also applies to the state of Utah.
Form 4720
Beginning with tax year 2023, the Part Number column was added to the Amended Return collapsible section of the Form 4720 subtopic in the Tax Review–Tax and Credits topic.
Form 990-T
Beginning with tax year 2023, the Part Number column was added to the Amended Return collapsible section of the Form 990-T subtopic in the Tax Review-990 topic.
Form 5498
Beginning in tax year 2024, Form 5498 allows for more than one contribution type (Box 7). As a result, two additional options were added to the 5498 Contribution Type dropdown list:
  • Check both 5498‘
    IRA Roth
     and
    SEP
     boxes based on these minor account types
  • Check both 5498
    IRA Roth
     and
    SIMPLE
     boxes based on these minor account types
This is on the detail page of the 5498 Payer in the Information Reporting Setup topic in the SETUP menu.
These options were also added to the Contribution Type dropdown list on the 5498 Information Returns page in the account binder.
  • When Contribution Type is set to
    Roth IRA and SEP
    , line 8 - SEP Contribution will display the amounts and Form 5498 will have both “Roth IRA” and “SEP” boxes checked on line 7.
  • When Contribution Type is set to
    Roth IRA and SIMPLE
    , line 9 – SIMPLE Contribution will display the amounts and Form 5498 will have both “Roth IRA” and “SIMPLE” boxes checked on line 7.
California (990)
Beginning in tax year 2024, the Officer Phone Number field was added to the Miscellaneous State Information group box on the General/Misc Information collapsible section for California 990 accounts. The information entered will roll to subsequent tax years.
The phone number entered must be in ###-###-#### format otherwise the following error message will display:
Valid Phone format is ###-###-####
Colorado
The descriptions for two credit items in the Payments and Credits collapsible section were updated as follows:
  • State tax on income subjected to tax in both states
     was changed to
    State tax on income subjected to tax in both states (Dual resident trust credit)
  • Other state's effective tax rate
     was changed to
    Other state's effective tax rate (Dual resident trust credit)
Illinois
Beginning with tax year 2023, the following changes were made to the Payments and Credits collapsible section:
  • Form IL-505-B (extension) payment (Override)
     was changed to
    Total payments made before the date this return is filed
  • The following fields were removed:
    • Form IL-516-I prepayments
    • Form IL-516-B prepayments
Minnesota
Beginning with tax year 2024, the following changes were made in the Schedule NIIT collapsible section.
  • The Estate and Trust Tax category was changed to Estate and Trust Tax Computation
  • Amount distributed to beneficiaries or charities description was changed to Amount distributed to beneficiaries or charities (Override)
  • Net interest and mutual fund dividends from U.S. bonds description was changed to Net interest and mutual fund dividends from U.S. bonds (Override)
  • The Total deductions and modifications from Form 8960, line 11 (Override) field was added to the Net Investment Income category

Fixes

For a list of ONESOURCE Trust Tax fixes (closed issues), search Alerts and Notices.

Known Issues

For a list of ONESOURCE Trust Tax known (open) issues, search Alerts and Notices.

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