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This article applies to:

  • Product: ONESOURCE Income Tax
  • Return type: 1120 Corporation
  • Subject: insurance

Create an insurance return for ONESOURCE Income Tax

Create and set up your insurance return by selecting the proper return type, entity type, and data source. When creating an Insurance Consolidation, the compute, print, and e-file components don’t work correctly if these selections are not accurate.
There are 2 ways to create your return:
  • Roll over a previous year return, so 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.
Follow these steps to create a rollover return:
  1. Roll over the binders.
  2. Select a
    Return/Entity
     type. Review the information found on the
    Return/Entity Type
     tab after creating or rolling over a return.
    1. Binders inherit their return type from the entity under which they are created. To edit an entity’s properties, select the entity on the
      Entities
       screen.
    2. Select the
      Properties
       icon in the
      Actions
       column.
    3. On the
      Entity Properties
       screen, verify the
      Return Type
       is correct for an insurance return or consolidation.
  3. Enter the federal tax ID number. Requirements include:
    • Parent, Subsidiary, or Single Entity
      : The tax ID is required for the individual company.
    • Subgroup Subconsolidation
      : Tax ID is not required.
    • Top Consolidation (topcon)
      : The parent tax ID transfers to this level. You should not have to enter it.
    • Eliminations
      : Tax ID is not required.
    • Division
      : Tax ID is not required.
    • Divisional Consolidation
      : Tax ID is required.
    • EINs Applied for
      : This checkbox is available on the
      General Information
       screen.
    note
    The federal tax ID number (FEIN) is mandatory for all 1120L and 1120PC entities, except for eliminations, subconsolidations, top consolidations, and divisions.
    Review the tax ID by either: Opening the
    Entity Properties
     to see the FEIN number or Open the
    Organizer
    General Information
    Basic Return Information
    Entity Information
     of the created return. The FEIN for a binder is inherited from the entity.
  4. Select the data source. Ordinarily, the
    Source of Data for Tax Return
     will be the Electronic Organizer, whenever charts are assigned to an entity's binder. Otherwise, select the
    NAIC Annual Statement
     type.
  5. Set up the division.
  6. Determine the net operating loss.

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