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Insurance return setup
To create and set up your insurance return, choose the proper return type, entity type, and data source. If these selections are not accurate, the compute, print, and e-file components won’t work correctly when creating an insurance consolidation.
There are two ways to create your return:
- Rollover a previous year’s return, so that the prior year ending balances are shown in the beginning balance columns for the current year.
- Create an entirely new return, and either import or enter the beginning and ending balances for the balance sheet items.
Step 1: Rollover a Return from the Prior Year’s Return
Rollover of an 1120 Return
Rollover of an 1120 parent or subsidiary company is relatively straightforward. Select the rollover option on the side of the screen or use a batch rollover to transfer your year end balances to the current year return.
Rollover of the 1120-PC and 1120-L Returns
We provide two options to flow prior year balances to the tax return:
- Option 1: The balances come from the current year Annual Statement.
- Option 2: The balances come from rolled over prior year balances.
Step 2: Enter Federal Tax ID Number and Entity Information
The federal tax ID number (EIN) is mandatory for all returns except for elimination returns, subgroup subconsolidation returns, divisions, and consolidated returns. The tax ID can be reviewed in .
Organizer
General Information
Basic Return Information
Entity Information tab of the return created
Requirements
The tax ID (EIN) is required/not required for the following types of entities:
- Parent, Subsidiary, or Corporate Single Entity: The tax ID is required for the single company returns.
- Subgroup Subconsolidation: Tax ID is not required.
- Top consolidation (topcon) company: The Parent tax ID transfers to this level. This is not required.
- Eliminations: Tax ID is not required.
- Division: Tax ID is not required.
- Divisional Subconsolidation: Tax ID is required, as this represents a legal filing entity.
If you have applied for a tax ID, the EIN Applied for checkbox is available on the Entity Information screen below the EIN.
Step 3: Choose Return/Entity Type
Review the data found on the Entity Information tab after creating or rolling over a return.
Navigation:
Organizer
General Information
Basic Return Information
Entity Information tab
Scroll down to the Return/Entity Type section. From the drop-down lists, select the Return Type and Entity Type.
Step 4: Complete Data Entry in the Organizer
Complete the data entry for the following items in the Organizer:
- Enter the Ending Balances: For 1120-L, go to to. Select the applicable tab and enter reserves ending balances. For 1120-PC, if the annual statement is not used, navigate inOrganizerLife Electronic OrganizerPage 3Sch FLines 1 through 6. Enter the current premiums and losses in Schedule E - Premiums and Schedule F - Losses.OrganizerPC Electronic OrganizerPage 5
- Enter the detail for Gains and Losses: Go to toGains and Losses and enter amounts if required for your tax return.Organizer
- Enter the required detail for depreciable assets or use the summary override form at Income andDeductionsDeductionsDepreciation and AmortizationGeneral Depreciation and AmortizationAsset Detail or 4562 Information4562 OverridesDIF files are available for importing Schedule M-3 data for both 1120-L and 1120-PC return types.
- Enter the detail for Net Operating Losses: Go toNOL Carrybacks or Carryover Detail to enter the carryover Net Operating Losses (NOL). Carryover NOL is entered by type of NOL, such as Regular NOL, Contributions, or Capitol Losses. There is a separate tab for each type.OrganizerCarryoverFootnotesInvoicesCarryoversComputed Carryover Detail
- Enter any other applicable items for your return, such as Schedule M-3.
This article applies to:
- Product: GoSystem Tax RS
- Return type: 1120 Corporation
- Subject: insurance
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