1099 and 1042

A comprehensive tax information reporting solution for financial institutions

Build a secure information bridge between your internal systems and third-party trust accounting vendors. ONESOURCE Trust Tax 1099 & 1042-S solutions can help your firm report and reallocate trust income and produce complete, brokerage-quality 1099 and 1042-S packages with an eye for detail.

Features and benefits

Your 1099 and 1042-S forms will look like they came straight from a brokerage house—with a letter including back-up detail for all income and expenses. Our software can also help create scenarios and comparisons. The end result? A complete 1099 or 1042-S package for clients, including:

  • Income reallocation of mutual funds and royalty trusts:
    • Qualified/non-qualified dividends
    • Return of capital
    • State reporting for municipal mutual funds
    • RIC and REIT reporting
  • Widely Held Fixed Investment Trust (WHFIT) reporting
  • Original Issue Discount (OID) reporting
  • Unit Investment Trust (UIT) reporting, including commodity trust
  • Mortgage-Backed Securities (AMBIR) reporting, including REMIC and other structured MBS assets and MBS pools
  • Real Estate Mortgage Investment Conduit (REMIC) reporting
  • Cost-basis reporting
  • Wash sale identification

Data Management and Security

Your trust tax data is stored on our servers and all upgrades, maintenance, disaster recovery and security issues are handled by Thomson Reuters. All tax data for estimates, tax returns, 1099s and tax letters is located in one place and all processing is completed at Thomson Reuters.

You always work with the most current data, calculations and tax forms to deliver accurate and timely tax letters in less time with less effort-at lower overall costs. This helps your tax preparers manage current tax data throughout the year, instead of during the year-end crunch.

Our proven data security system includes storage in our own multi-tier data system. We archive data daily and have developed fail-safe data replication and recovering systems to ensure the security of your data.

Our internal controls are regularly evaluated and tested. Your data cannot be accessed by any unauthorized parties. With our own storage system, however, we can let you set up tiered security rights for users, and allow access through your organization.

1099 and 1042

1099 solutions for advisors who prepare trusts

ONESOURCE offers the most comprehensive trust tax compliance solution on the market. As part of the ONESOURCE Trust Tax software, our 1099 & 1042-S solutions integrate seamlessly with existing accounting systems, internal systems, and third-party provider systems. Close relationships with trust accounting vendors who electronically transmit data help us bridge your data to Thomson Reuters each month.

Used by the top financial firms to process around 2 million returns each year, our software automates all phases of the tax process to the final printout of a completed tax return. It even handles the increasingly arduous 1099 and 1042-S forms.

Put our solutions to work for you and you’ll successfully automate your process and reduce compliance risk.

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