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1120PC Schedule E and F options
There are 2 options available to populate 1120-PC Schedule E Premiums Earned and Schedule F Losses Incurred. You can choose either the
Default
method or the Alternate
method. Default and Alternate methods for the 1120-PC Schedules E and F
Default
: The default method populates the lines in the 1120-PC Schedules E and F using income statement TRCs. Refer to the ONESOURCE Income Tax TRC Lists and Cross-Reference Forms Guide on Customer Center for a list of specific TRCs used for each line. Alternate
: The Alternate method uses the Adjusted Tax Balance amounts of liability accounts to populate Schedules E and F. Refer to the ONESOURCE Income Tax TRC Lists and Cross-Reference Forms Guide on Customer Center for specific TRCs used for each line. If you use the Alternate method, mark the
Check to carry in reserves from Balance Sheet to Schedule E and F
checkbox.NAIC Transfer for certain schedules
You can still transfer certain schedules to supplement imported data even when you use the Tax Accounting System (TAS) to import it. The
NAIC Annual Statement Transfer
screen limits TAS users access to all schedules but does grant access to certain schedules.If you use TAS, you can import the following schedules:
1120-PC Property & Casualty Annual Statement Schedules
- Loss Reserve Discounting (LRD)
- LRD and Schedule T
- Schedule T
1120-L Life Annual Statement Schedules
- Deferred Acquisition Cost (DAC)
- DAC and Schedule T
- Schedule T
Failed life insurance data entry
We currently don’t support transferring data from TAS to Organizer for failed life insurance companies that are converted to 1120PCs for tax return purposes. Use the NAIC method for those returns. Thus, for failed life insurance companies, continue to mark the checkboxes in Organizer on the
Failed Life Conversion
screen to (1) turn on the 1120-PC and to (2) turn off the 1120L form.TAS Consolidations
TAS consolidations are available for only like-kind groups: 1120L sub-groups, 1120PC sub-groups, or 1120 sub-groups. Consolidations of nonlife and life/non-life groups are completed in the Organizer.
This article applies to:
- Product: ONESOURCE Income Tax
- Return type: 1120 Corporation
- Subject: insurance