Withholding Summary
The Withholding Summary is available only if you have purchased a license for the Pooled Fund Administration module.
The Withholding Summary reports the amount of state income tax and federal income tax withheld from each pooled income fund participant's distributions during the specific date range.
The Withholding Summary is sorted by fund with a page break between each fund, making it ideal for including as supporting detail either with each withholding payment made to the state or IRS, or with the fund's state or federal filing at the end of the year. We believe that supplying this detailed information in this form is optional.
As of this writing, Massachusetts is the only state we are aware of that requires pooled income funds within the state to withhold state income taxes from participants who are state residents.
1. Click PIF > Tax Withholding Summary in the Menu Bar.
2. Enter the selection and sorting criteria to produce the report you desire. There is help available on each field.
3. Click OK to view the report.
4. Do the following, as needed:
5. Click 
when done viewing the report to return to the Tax Withholding Summary window.
6. Click Close.
Notes:
· If you see an error log, fix the errors it identifies, then run the K-1 Summary again.
To print the error log, click Print, then click OK in the standard Windows Print dialog box. Alternatively, you may save the log in a file that you can print or review later. When done, click Cancel.
· The State Withheld amount shown for each participant equals the sum of all State Withheld amounts for payments made to the participant by the fund during the specified date range. You will find these amounts in the participant's payment schedule for each gift to the fund of which the participant is an active beneficiary.
The Federal Withheld amount is computed in a similar fashion.