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Data Sharing

Unable to share Schedule K-1 financial data with other returns

You can share Schedule K-1 financial data among all 1040, 1041, 1065, and 1120 returns. The following are reasons why all or some information isn't sharing between clients.

No data is being shared

  • Sharing financial data requires that the S Corporation's and shareholder's taxpayer identifying numbers (TIN) match in both the original return and the receiving return.
    • The shareholder's TIN for the original return in the
      Shareholder Information
       window will need to match the TIN for the receiving return in the
      Client Properties
       window.
    • The S Corporation TIN for the original return in the
      Client Properties
       window will need to match the TIN entered in the
      EIN
       field in the
      K1
       screen for the receiving return.
  • Sharing financial data from the original return is only available once the return has been printed (or previewed). Be sure to reprint the original return after making any changes to refresh the data shared into the receiving return.
  • The capability to share data can be turned off for the original or receiving return via the
    File
    ,
    Client Properties
    , then
    Advanced Properties
     window or the spouse's TIN.
    • If you mark the
      Exempt this client from all Data Sharing functionality
       checkbox, UltraTax CS doesn't export or import data for the active return.
    • If you mark the
      Deny others Data Sharing access to this client data
       checkbox, UltraTax CS doesn't export data for the active return, but data is still imported for the client.

Some information isn't sharing

  • Due to different reporting requirements by the original or receiving returns, sharing data isn't supported for all information on Schedule K-1.
  • UltraTax CS shares information between clients with different year ends. Schedule K-1 information is shared when the originating 1041, 1065, or 1120-S client's tax year end falls within the importing client's tax year.
  • Shareholder basis information issues:
    • Sharing data from the shareholder's basis information can be suppressed for each shareholder by marking the
      Suppress data share of shareholder basis information
       checkbox in the
      Suspended Losses
       tab in the
      View
      ,
      Shareholder Information
      ,
      Other Info
       tab, then
      Shareholder Basis
       window or by marking the
      Suppress data share of basis worksheet
       field in the
      1120
       screen to suppress the data share for all shareholders in the current S Corporation return.
    • By default, beginning-of-year basis and prior-year suspended losses don't share into the 1040 return. Mark the
      Data share beg basis and prior suspended losses
       checkbox in the
      Suspended Losses
       tab in the
      View
      ,
      Shareholder Information
      ,
      Other Info
       tab, then
      Shareholder Basis
       window to share this information on a shareholder-by-shareholder basis, or mark the
      Data share beginning basis and prior suspended losses
       checkbox in the
      1120
       screen to share this information with all shareholders in the current S Corporation return.
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