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Search Trust Tax (ONESOURCE) Support Help and Support.

This article applies to:

  • Product: ONESOURCE Trust Tax

Setting Up Accounts

Setting the 1099 Service Level

When you use ONESOURCE Trust Tax, certain features are available to you depending on the 1099 service level you use. The 1099 service level is determined at the account level and may vary by account. For accounts that hold UIT, REMIC and/or MBS assets, the only 1099 service level that provides the detail required for compliance with WHFIT reporting regulations is
Premium (1099 with full detail)
 (commonly referred to as the Premium service level). The Premium service level generates 1099 forms, detail supporting the information reported on the forms, detail supporting other relevant tax information not reported on 1099 forms and supplemental schedules for REMIC and MBS assets. Specifically, accounts that are set to use the Premium service level generate the following:
  • Contents page
  • Greeting Letter
  • Tax Summary
  • Consolidated 1099 substitute forms
  • Detail statements for 1099 reportable and non-reportable items
  • Payments made on Behalf of Recipient
  • REMIC and MBS supplemental schedules
To set the 1099 service level to
Premium (1099 with full detail)
 for an account:
  1. Open the account.
  2. Under the
    1099 Information
     collapsible section, select
    Premium (1099 with full detail)
     from the
    1099 Service Level
     drop-down list.
  3. Review the
    1099 DIV, INT, OID, or B
     check box to ensure it is selected. If this check box is not selected, the corresponding information return will not be generated.
  4. Select
    Save
    .

Indicating You Want the MLPs to Use the Recipient Address when Sending Prepared Schedule K-1s

Complete the steps listed below only if you want the MLPs to send the prepared Schedule K-1s directly to the recipients. If you want the MLPs to send the prepared Schedule K-1s back to you, set the PAN-level Fiduciary Info options.
To indicate that you want the MLPs to use the recipient address when sending prepared Schedule K-1s:
  1. Open the account.
  2. Select the
    Recipients
     main topic.
  3. Under the
    Recipient Listing
     collapsible section, select the
    Name
     link for the recipient.
  4. Under the
    Recipient Information
     collapsible section, select the
    For WSC MLP processing use this recipient address
     check box.
  5. Select
    Save
    .

Including or Excluding Active Accounts from WSC Processing

Accounts can be included or excluded from WSC processing for one or more asset types. For example, you can exclude an account from MLP and OID processing but include it in UIT, REMIC and MBS processing. To include or exclude your active accounts from WSC asset processing:
  1. From the Register Listing page, select Run for the
    Active Accounts with WSC Exclude Flags
     base register.
  2. Review the
    Exclude MBS
    ,
    Exclude UIT
    ,
    Exclude OID
    ,
    Exclude REMIC
     and
    Exclude MLP
     columns. If you want to exclude an account from WSC processing, select
    Yes
     from the appropriate
    Exclude
     column. For example, if you want to exclude an account from OID processing, select
    Yes
     from the
    Exclude OID
     column.
  3. Each
    Exclude
     column is set to
    No
     by default. This means that the accounts are included in WSC processing.
  4. Select
    Save
     if you make changes.