Form 5227 - How does ATX forms work for CRTs?

[David]

I am preparing my first tax return for a Charitable Remainder Trust. Form 1041 does not need to be filed. Instead, Form 5227 needs to be prepared.

Even though I have entered the trust name, ID # and other information on form 5227, the name and ID# is not carrying over to other forms or schedules such as Sch D, 1099-R, etc.

If I open a Form 1041 and input the trust information then the trust name, ID#, etc. shows up on the other forms or schedules. However, then the income and expenses on form 5227 are duplicated on the 1041.

Also, without form 1041 in the tax return, there is no option to e-file the Form 5227 and other forms/schedules for the CRT. Is a CRT tax return not able to be e-filed or do I need the form 1041 included in the tax return in order to e-file the return?

This doesn't seem correct since the income and expenses are duplicated on form 1041 and form 5227.

How does ATX handle filing a form 5227 and related forms/schedules for a CRT?

Thanks.

[Margaret CPA in OH]

For 5227 you have to have an "info sheet" to enter the data. ATX has jerry rigged this CRUT reporting for several years and this is the latest iteration. If you haven't entered much data, you may want to begin fresh by simply creating a new return and type in 5227. It will open along with the Info Sheet. Choose the Company Tab for data entry.

If you don't want to do that, go to Forms and do not check any of the boxes even though a logical person would check Fiduciary. With no type of form checked, type in Info Sheet in the box to Find and select it when it appears. I think you have to retype the information in but then can discard the 1041. Add the other forms/schedules you need if beginning all over. Otherwise, the data will carry.

To add the Sch K-1 (which will be for 1041), if starting with a new form, you can go to page 7 of 5227 and click on the name of the recipient under PartII-A. The K-1 will appear.

You cannot efile 5227. You have to edit the federal letter to type in the address to Ogden.

I hope this helps. Been there, done that!

[David]

Margaret,

So far everything seems OK except that the trust ID # isn't carrying over to the K-1 - everything else is which is strange. I guess I can override the space and enter the ID #.

I just added the info sheet and it got rid of the 1041. It kept all of the interest, dividends and other information I had already entered.

Thanks for your help.

David

[Margaret CPA in OH]

I'm glad things are (mostly) working for you now. It's puzzling about the EIN, though. That is one problem I haven't had, once the info sheet was added and completed.

Let me know if there are other problems; perhaps I might help you or at least be alerted to an issue that might confront me in the future!

[David]

Ok, I sure will. Thanks for your help.

I'm glad things are (mostly) working for you now. It's puzzling about the EIN, though. That is one problem I haven't had, once the info sheet was added and completed.

Let me know if there are other problems; perhaps I might help you or at least be alerted to an issue that might confront me in the future!