NAIC Annual Statement transfer for insurance returns

Most of the information you need to prepare insurance returns is in the National Association of Insurance Commissioners (NAIC) Annual Statement. The NAIC sets the financial reporting standards for insurance companies. Each company submits their Annual Statement to state regulators in these standardized NAIC files. They're identified by return type, filing period, and a unique NAIC number.

You can import these NAIC files to automatically transfer information to the Organizer. It'll only import the data necessary for completing the insurance return.

To transfer the NAIC Annual Statement for the 1120-L or 1120-PC tax returns, select the correct data source type. The tax application lets you transfer these types of Annual Statements:

Life (1120-L)

Separate Accounts (1120-L)

Property and Casualty (1120-PC)

Health (1120-PC)

Title (1120-PC)

Data transferred into the Annual Statement pages from an NAIC statement flows automatically to the yellow tax detail workpapers. Workpapers are used to show the calculations and how a particular number in a return was derived. You can print the workpapers with the federal return or print them separately along with the federal schedules that support the return. They're available for the preparer’s use and are intended to simplify the review process, as well as provide an audit trail.

note

The tax software only supports Annual Statement transfers. The import of quarterly statement files isn't supported.

Annual Statement Transfer for Short Year Returns

Income statement items for the short year tax return period are automatically prorated based on the number of days in the short year when compared to the total number of days in the tax year.