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Major Redesign of Form 5227

Due to legislative changes and a major redesign, filing requirements and contents of Form 5227, Split-Interest Trust Information Return, have changed for Tax Year 2007.  Key changes are highlighted below:

  • Split interest trusts described in Code section 4947(a)(2), including charitable lead trusts, charitable remainder trusts described in section 664, and pooled income funds described in section 642(c)(5) that meet the definition of a split interest trust, no longer file Form 1041-A, U.S. Information Return – Trust Accumulation of Charitable Amounts. Form 5227 now meets the section 6034 filing requirements.
  • Form 5227 (except Schedule A, which contains information that is specific to private beneficiaries) is subject to the public inspection requirements under section 6104(b).
  • Penalties for non-filing have been increased and expanded to include incorrect and incomplete filings and now apply to Form 5227.
  • Any charitable remainder trust described in section 664 that has unrelated business taxable income (within the meaning of section 512 and related regulations) is liable for a tax which is treated as a private foundation excise tax equal to the trust's unrelated business taxable income. It must file Form 4720 to report the tax due.

See the instructions to Form 5227 for more information.

Additional information


Page Last Reviewed or Updated: 20-Aug-2014