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Federal input screens

Screen 1065 - General Information

Overview

Special allocations
Select the Ptr Alloc buttons to specially allocate items to partners using ratios that are different from the profit and loss ratios. You do not need to specially allocate items unless the partnership has allocations that differ from the profit and loss ratios.
Data sharing
UltraTax CS automatically shares general and demographic information (such as entity type and the client's name and address) among all clients and enables you to share Schedule K-1 financial data among all 1040, 1041, 1120, and 1065 clients automatically. For clients that are partners in a partnership, UltraTax CS allows you to choose to share the Schedule K-1 financial data in total or by activity. For details, see Data sharing overview.
Statements
Many data entry fields provide predefined statements to enter additional information. For details, see Statements overview.
Custom fieldviews
Custom fieldviews are available in various input screen fields and statement fields within UltraTax CS. These fieldviews allow you to add your own list of valid entries for a specific field (such as fields requiring the names of local banks) so that you can later choose from your customized list rather than entering the data each time. For details, see Custom fieldviews overview.
Tax codes
UltraTax CS uses tax codes to summarize and transfer related account balances from your accounting application, such as Accounting CS or Write-Up CS into UltraTax CS. For details, see Importing general ledger balances into UltraTax CS.
Statement special allocations
You can allocate statement items separately to partners from within the statements. The resulting statements print separately for each partner on an item-by-item basis.
Frequently asked questions
To view answers to common questions about calculations and data-entry issues, see Accessing frequently asked questions (FAQs).

Partnership Information

To enter a domestic address, use the following fields.
  1. Enter the street address in the
    Address
     field.
  2. Enter the city in the
    City
     field.
  3. Enter or select the state from the
    state
     drop-down list.
  4. Enter the ZIP code in the
    zip code
     field.
  5. Leave the
    Foreign province or state
    ,
    Foreign postal code
    , and
    Foreign country
     fields blank.
To enter a foreign address, use the following fields.
  1. Enter the street address in the
    Address
     field.
  2. Enter the city in the
    City
     field.
  3. Leave the
    state
     and
    zip code
     fields blank.
  4. Enter the foreign province or foreign state in the
    Foreign province or state
     field.
  5. Enter the postal code in the
    Foreign postal code
     field.
  6. Enter or select the two-digit country code in the
    Foreign country code
     field. The application enters the selected country in the text field.
Enter the foreign province or foreign state of the partnership's foreign address.
Enter
X
 to mark the partnership return and Schedule K-1 for all partners as final. Entering
X
 also removes the client from the list of clients available to proforma to next year. If you do not enter
X
, you can individually mark each partner's Schedule K-1 as final in the Partner tab in the Partner Information window in Partner Data Entry.
To zero out all partners' ending capital, choose View and then Partner Information, select the Transfers of Capital button, select the drop-down arrow next to the Wizard button on the Partner Data Entry toolbar, and select
Zero capital accounts
. Use the
Transferring
 field to select how the distribution adjusts the capital account on Schedules K-1 and M-2. Select the Next button to walkthrough the remaining data entry screens to zero out the capital accounts.
Use the statement to enter the reason this return is amended and to mark the Schedules K-1 for all partners as amended.
Enter
X
 if this is a subsequent return filed within the filing period (including extensions). If you enter
X
 and do not enter an explanation for an amended return and do not enter information for Form 1065X, "Superseding Return" prints at the top of Form 1065, Page 1 and for all partners on Schedule K-1.
Your answer completes the question on Form 1065, Page 1.
To enter data for this field one time for all new clients, select an answer from the drop-down list in the
Taxing authority may discuss return with preparer (Screen 1065)
 field in the Return Presentation tab in the New Client Options dialog. To open this dialog, choose Setup and then 1065 Partnership, and select the New Client Options button.
Use the statement to enter any miscellaneous information that needs to be conveyed with the return. The General footnote appears as a separate item in each collation.
Enter a client complexity factor related to this return only. The application adds the amount entered in this field to the calculated client complexity factor, which is calculated based on the entry in the Client Complexity dialog and displays the total in the Complex column of the Open Client dialog. Choose Setup, 1065 Partnership, and then Client Complexity button to open the Client Complexity dialog.
This field overrides the client complexity factor calculated based on entry in Setup, 1065 Partnership, and then Client Complexity button for this client.

Year End Information

The application uses these fields to complete the heading on Form 1065, Page 1 and to calculate the due date of the return and depreciation.
The application automatically enters 12/31/[[ut_cy_yy]] in the
Tax year ending
 field for all new returns. If this return is proforma'd, the date is proforma'd based on last year's information.
If the client has a short tax year for the current tax period, enter the beginning date for the tax period in the
Tax year beginning - short year
 field.
Use these fields only if the application is calculating depreciation and the client has ever had a short tax year that differs from the current year-end. The application uses these fields to calculate the prior and current depreciation expense of the assets entered in the asset module.
Example:
 A client with a current fiscal year-end of 6/30/[[ut_ny_yy]] has prior fiscal year-ends of 6/30/[[ut_cy_yy]], 3/31/[[ut_cy_yy]], 3/31/[[ut_py_yy]], 6/30/[[ut_2py_yy]], and 9/30/[[ut_3py_yy]]. Enter the following information.
Most recent
Interim
Oldest
3/31/[[ut_cy_yy]]
6/30/[[ut_2py_yy]]
9/30/[[ut_3py_yy]]
If you use Fixed Assets CS to track assets, the dates you enter in the
Prior year-ends, if different
 fields in the Short Year tab in Fixed Assets CS automatically transfer to the
Prior year-ends, if different
 fields in UltraTax CS. (To open the Short Year tab in Fixed Assets CS, choose File, Client Properties, and then Short Year tab.) Conversely, changes you make to these dates in UltraTax CS automatically transfer back to Fixed Assets CS.
For details about what information to enter in each of these fields, see general and input screen-specific help.
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