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This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1120 Corporation
  • Subject: Consolidations,insurance

Subgroup consolidations for insurance returns

1120 subgroup subconsolidations

The topmost 1120 subgroup consolidation is consolidated in a Nonlife subgroup or top consolidation (top con) and is then included in the e-file. You can have many lower 1120 subgroups included (there is no limit) in the topmost 1120 subgroup, but they're not included in the e-file. Only the 1 topmost 1120 subgroup can be in the e-file. All entities in the
What to Consolidate
 list need to be of the 1120 return type. Don't mix entity types within a subgroup.

Types of 1120 subgroup subconsolidation structures

The 1120 subgroup can have any of the following structures.
If the entities share the same EIN/tax ID number, create a Divisional Consolidation (DivCon). The returns listed under it are set up as divisions. The EIN/tax ID is on the DivCon return, not the division returns.
On the DivCon return:
  • Parent slot:
    Division
  • Elimination:
     Subgroup elimination
  • Subsidiary slot:
     Division
If there are several 1120 subsidiaries and 1120 subgroups to be consolidated together, the 1120 subgroup:
  • Parent slot:
    1120 Subsidiary or subgroup
  • Elimination:
     1120 Subgroup elimination
  • Subsidiary slot(s):
     1120 Subsidiary or subgroup
If there are several 1120 subsidiaries to be consolidated together, the 1120 subgroup:
  • Parent slot:
    1120 Subsidiary
  • Elimination:
     1120 Subgroup elimination
  • Subsidiary slot(s):
     1120 Subsidiary
If there is only 1 1120 subsidiary in the entire consolidation, the 1120 subgroup:
  • Parent slot:
    1120 Subsidiary
  • Elimination:
     1120 Subgroup elimination
  • Subsidiary slot:
     Blank

Complete a 1120 topmost subgroup

  1. Create the 1120 topmost 1120 subgroup return.
  2. Go to Organizer, then select
    Insurance Consolidations
    , then
    1120 Subgroup Consolidation Wizard
    , then
    Step 2 - What to Consolidate
    .
  3. Enter the parent, elimination, and subsidiaries according to the previous structures.
  4. Compute
     all subsidiaries. If you make any changes to the lower entities, you need to recompute them and reconsolidate.
  5. Consolidate.

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