Charitable Agreement Trust Withholding
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FAQ
Tax Filings for Charitable Remainder Trusts Charitable remainder trusts must annually file Form 5227, Split-Interest Trust Information Return. Form 5227: Reports financial activities, including the disposition of the trust's assets. Accounts for current-year and accumulated trust income.
In either type of CRT (unitrust or annuity trust), the Internal Revenue Service (IRS) requires that the payout rate stated in the trust cannot be less than 5 percent or more than 50 percent of the initial fair market value of the trust's assets.
In other words, the remainder value of the trust must be equal to 10 percent of the amount that was funded. This is absolutely essential if you want to take advantage of the tax benefits that a CRT can offer. If you do not adhere to the 10 percent rule, there are some pretty serious consequences.
The taxation of CRUTs is prescribed by the Internal Revenue Code and accompanying U.S. Treasury regulations. The trust itself is a tax-exempt entity, but the trust distributions to an income beneficiary will be taxable to that beneficiary ing to a four-tiered system.
At the end of the term, the trust terminates and the non-charitable beneficiaries receive whatever assets remain in the trust. A CLAT files both a Form 1041 and a Form 5227.