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Search Trust Tax (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Trust Tax

Setting Up Your PAN

Granting User Rights

User rights are granted to Trust Tax users only after the user is added to the User Administration module of the ONESOURCE platform.
The
Can update assets INCLUDING fund factors
 user right must be granted to you before you can apply factors sent from WSC under the Income Reallocation Service. To grant this user right to a Trust Tax user:
  1. Select
    SETUP
    ,
    Users
     then
    Trust Tax Users
    .
  2. Select the
    User ID
     link for the Trust Tax user you want to grant user rights to.
  3. In the
    Rights
     grid, review the check box for the
    Can update assets INCLUDING fund factors
     user right. Select the check box if it is not selected.
  4. Select
    Save
    .

Setting or Reviewing PAN-Level Options

Options in the
Print
,
Compute-Federal
,
Enhanced 1099
,
Vendor Info
 and
SmartBridge Probes
 categories on the Options and Overrides page impact assets with factors. You should set the options the first year you use the Income Reallocation Service then review and update them as necessary each subsequent year.
On the Options and Overrides page, you can apply a filter to limit the number of options displayed. To apply a filter, select the filter bar below the heading of column you want to apply the filter to, enter the filter text or select what you want to apply the filter to, press ENTER or select Filter then select
Apply All Filters
. When entering filter text, use an asterisk (*) before or after the text if you want to enter only part of the filter text.
Setting Options in the Print, Compute-Federal, Capital Sales and Enhanced 1099 Categories
The options in the
Print
,
Compute-Federal
,
Capital Sales
 and
Enhanced 1099
 category are applied during processing. The options in the
Print
,
Compute-Federal
 and
Capital Sales
 categories apply to tax returns, and the options in the
Enhanced 1099
 category apply to 1099s. For accounts that generate both a 1041 and a 1099 return, set the corresponding options in each category to the same setting if you want the same results on both returns.
To set options in the
Print
,
Compute-Federal
 and
Enhanced 1099
 category:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Print
     and
    Enhanced 1099
     categories:
    Option
    Description
    Summarize Municipal Interest from mutual fund or factored transactions, except for Trust Situs and Beneficiary states
    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 not 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.
    note
    Select
    No
     if you need to report out of state municipal interest (OSMI) for 1099 recipients who are residents of California, Connecticut, Massachusetts, Minnesota, Montana, North Carolina, New York and Rhode Island.
    Summarize Foreign Income from mutual fund or factored transactions
    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.
  3. Set the following option in the
    Compute-Federal
     and
    Enhanced 1099
     categories:
    Option
    Description
    Evaluation of mutual fund or factored transactions in the Qualified Dividend Income calculation
    Determines how the qualified dividend income calculation evaluates mutual fund transactions or transactions factored to tax codes 3, 5, 6, 201 or 202. The selections include:
    • Perform all of the QDI calculations
      -Dividend income from an asset is treated as either qualified or nonqualified. The holding period test is performed. This test determines if the asset was sold within the holding period before or after the ex-dividend date.
    • Bypass all QDI calculations
      -Dividend income is treated as based on the tax code it is factored to, even if the asset is marked as nonqualified. All QDI checks, including the holding period test, are bypassed.
    • Bypass only the NQ asset flag check, still perform other QDI calculations
      -Dividend income is treated based on the tax code it is factored to, even if the asset is marked as nonqualified. The holding period test is performed. If the asset was sold and did not satisfy the holding period test, the income is reclassified as nonqualified dividends for that account.
  4. Set the following option in the
    Capital Sales
     and
    Enhanced 1099
     categories:
    Option
    Description
    Calculate Return of Capital Cost Basis Adjustment
    The default selection is
    Do not calculate return of capital basis adjustment from factors
    .
    Set this option to
    Calculate return of capital basis adjustment from factors
     to turn on the return of capital adjustment calculation. The calculation is made at the tax lot level for sales in the same tax year. The fund factor amount per share in tax code 4 (Nondividend distribution) is used to calculate the return of capital adjustment.
    note
    Only factors to tax code 4 are considered for the calculation. Nonfactored transactions in tax code 4 are ignored.
    A return of capital adjustment is calculated from the first day of the tax year or the acquisition date (whichever is later) through the sale's trade date based on the fund factor's ex-dividend date (if available). If the ex-dividend date is unavailable, the payment or record date is used. The units in each tax lot are multiplied by each tax code 4 factor within the date range.
    The following guidelines apply when the return of capital adjustment calculation is turned on:
    • The calculation is triggered by a processing request (for example, a worksheet, projection or tax return processing request).
    • The return of capital adjustment is not calculated if a tax lot is marked as
      Unknown Cost
       or
      Do Not Calc
      , has a missing acquisition date, or has no units.
    • Wash sale identification occurs after the return of capital adjustment is calculated.
    • For main and subaccounts, the calculation is made at the tax lot level in the individual subaccounts. The amount per share is applied to the units in the tax lot records for each sale.
    • Since the free receipt date is not available for free receipt tax lots, a further review may be required to determine if the return of capital adjustment should be limited to a portion of the tax year.
  5. Select
    Save
    .
Setting Options in the Vendor Info Category
To set the options in the
Vendor Info
 category:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    Vendor Info
     category:
    Option
    Description
    Do not copy mutual fund factors from the source account when copying trust data to a successor trustee or merging trust data
    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 matching mutual fund payments with transactions, include transactions posted this many days before the payment date
    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
    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
    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
    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
    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.
    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.
  3. Select
    Save
    .
Setting SmartBridge Probes Options
SmartBridge probes detect errors, missing information and inconsistencies in your data. Transaction and sales data is evaluated when it is loaded from your trust accounting system. Account, beneficiary and asset data is evaluated when a worksheet or tax return is processed.
SmartBridge probes help improve the integrity of the data bridged from your trust accounting system and can reduce the amount of data review time. The errors, missing information and inconsistencies detected by the probes can log messages on the worksheet or in the
Currently Processing
 register. For transaction data, HIT messages can be added to the Transaction Detail page.
When setting SmartBridge probes, the selections available to you depend on the type of probe. Generally, the selections include
Do not check for error
 and several selections that display or add a message and stop processing for certain tax documents. If a SmartBridge probe is set to one of the selections that stop processing, you may be able to bypass the probes, which will allow a processing request to complete even though errors, missing information or inconsistencies are detected
note
The ability to bypass SmartBridge probes is controlled by the
Can force compute accounts with SmartBridge errors
 user right. If this user right is granted to you, you can select the
Bypass SmartBridge probes
 check box under the
Process
 collapsible section on the Process page when submitting a processing request.
To set the options in the
SmartBridge Probes
 category:
  1. Select
    SETUP
    ,
    Options&Overrides
     then
    PAN Level
     or
    SuperBank Level
    .
  2. Set the following options in the
    SmartBridge Probes
     category:
    Option
    Description
    Account contains transactions for asset marked "Held for Review"
    Identifies accounts that contain one or more transactions for an asset that is marked as held for review. An account that has an asset marked as held for review cannot be processed until the hold is released. The selections include:
    • Do not check for error
      -No message is generated.
    • Display message on worksheet or with individual transaction or sale
      -A message is added to the first page of the worksheet.
    • Display message and do not process tax return
      -Tax return processing stops.
    • Display message and do not process tax return projection
      -Projection processing stops.
    • Display message, do not process tax return or tax return projection
      -Projection or tax return processing stops.
    Sales with ROC match Free Receipt Transaction
    This SmartBridge probe identifies sales with return of capital that also have free receipt transactions (tax code 951) within the tax year. The selections include:
    • Do not check for error
      -No message is generated. This is the default.
    • Display message on worksheet or with individual transaction or sale
      -A message is added to the first page of the worksheet detail.
    • Display message and do not process tax return
      -Tax return processing stops and a message with the Needs attention status is logged in the
      Currently Processing
       register.
    • Display message and do not process tax return projection
      -Projection processing stops and a message with the Needs attention status is logged in the
      Currently Processing
       register.
    • Display message, do not process tax return or tax return projection
      -Projection or tax return processing stops and a message with the Needs attention status is logged in the
      Currently Processing
       register.
  3. Select
    Save
    .