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Data Sharing

Data sharing examples - K1 State if Different (SID) data

The following examples show how State if Different (SID) data is shared on 1040 and 1041 returns. The data sharing feature shares most SID K1 financial data between UltraTax CS state applications. The SID columns in the 1040 and 1041 K1 input screens are used by the following state returns: AL, AR, CA, HI, IL, MA, MS, NJ, PA, or WI. The data sharing feature will provide state K1 data for the recipient's resident and non-resident states.
In UltraTax/1040, the resident state is defined in the
Client Properties
 window for data sharing purposes. Data sharing won't use the state ZIP Code in the
K1
 or
1040
 screen to determine the client's resident state.
Example 1
Taxpayer A is a 1040 client who is a resident of California. Taxpayer A is also a shareholder in an S-corporation that files a California return.
You complete the S-corp return, including the California return. You print or print preview the S-corp return. Once the S-corp return is completed, open the 1040 return for Taxpayer A. UltraTax CS asks you to accept the pending K1 and financial data from the California S-corp.
In addition to the federal K1 financial data, you'll receive the California financial data in the SID fields.
Example 2
Taxpayer B is a 1040 client who is a resident of California. Taxpayer B is also a shareholder in an S-corporation that files a Wisconsin return.
You complete the S-corp return, including the Wisconsin return. You print or print preview the S-corp return. Once the S-corp return is completed, open Taxpayer B's 1040. UltraTax CS asks you to accept the pending K1 and financial data available from the Wisconsin S-corp.
In this case, both the federal 1040 K1 financial data and the Wisconsin non-resident data is shared. The financial data from the SID fields in the Wisconsin S-corp return isn't shared because WI isn't the taxpayer's resident state. Therefore, UltraTax CS won't bring this data into the taxpayer's 1040 return.
Example 3
Taxpayer C is a 1040 client who is a resident of Georgia. Taxpayer C is also a shareholder in an S-corporation that files a Georgia return.
You complete the S-corp return, including the Georgia return. You print or print preview the S-corp return. Once the S-corp return is completed, open the 1040 return for Taxpayer C.
When you enter the TIN of the GA S-corp in the
K1
 screen of Taxpayer B's 1040, UltraTax CS asks you to accept the pending K1 and financial data available from the Georgia S-Corp.
In this case, only the federal K1 financial data is shared. Georgia doesn't use SID fields, so Georgia state K1 financial data won't be shared, regardless of the client's residency status.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual,1041 Fiduciary
  • State: Alabama,Arkansas,California,Hawaii,Illinois,Massachusetts,Mississippi,New Jersey,Pennsylvania,Wisconsin
  • Subject: Data sharing

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