Master Trust & Schedule H Basics

[Guest SuzieQNEC]

I am reviewing a prior administrator's Schedule H for a Master Trust and reading the instructions and seem to have a conflict. The prior administrator left the Expenses section completely blank. However, the instructions list items not to complete which do not include every item in that section. Should we be filling in line i for the Expenses? Interestingly too is that the accountants only reported net investment income in their FS and did not list out the expenses. Also, the accountant report is not included with the Master turst submission, but should the Schedule H follow their itemization? Thank you for any thoughts.

[Guest Form5500]

For the Schedule H, the Master Trust Investment Account (MTIA) does not need to complete the following lines: 1(b)1, 1(b)2, 1©8, 1g, 1h, 1i, 2a, 2b(1)(E), 2e, 2f, 2g, 4a, 4e, 4f, 4g, 4k and 5. Also, an accountant's opinion is not required for an MTIA (that is why you do not see it included in your review).

Also, the Schedule C needs to completed to list service providers you paid out of the MTIA's assets. Part II of this Schedule is not required for MTIAs.