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Items automatically shared from a 1065 or 1120S client
The data sharing feature lets you share partner and shareholder basis information from 1065 and 1120S clients to 1040 clients. The following information identifies basis items that are automatically shared.
- Schedule K-1:Any item reported on Schedule K-1 that is normally shared, such as property distributions. For information on which Schedule K-1 data is not shared, see Federal K-1 financial data not shared (PDF). (You will need Adobe Reader to view the PDF. If you don't have the current version or if you have difficulty opening the PDF, you can download and install the latest version of the Adobe Reader from the Downloads page of the Adobe website.)
- From 1065:Form/WorksheetItemPartner's Basis Worksheet, Page 1Capital contribution: CashPartner's Basis Worksheet, Page 1Capital contribution: Property (adjusted basis)Partner's Basis Worksheet, Page 1Increase in share of partnership liabilitiesPartner's Basis Worksheet, Page 1Decrease in share of partnership liabilitiesPartner's Basis Worksheet, Page 1Excess depletionPartner's Basis Worksheet, Page 1Other basis increasesPartner's Basis Worksheet, Page 1Other basis decreasesPartner's Schedule K-1Nonrecourse liabilityPartner's Schedule K-1Qualified nonrecourse liabilityPartner's Schedule K-1Recourse liability
- From 1120:Window/TabFieldShareholder Informationwindow then the Other Info tabSelectViewthenShareholder Informationto open theShareholder Informationwindow.Shareholder health insurance (Not included on the shareholder's Form W-2)Shareholder Basiswindow then the Stock tabSelectView,Shareholder Information, thenShareholder Basison the Shareholder tab to open theShareholder Basiswindow.Capital contributionsOther increasesOther decreasesShareholder Basiswindow then the Loan tabSelectView,Shareholder Information, thenShareholder Basison the Shareholder tab to open theShareholder Basiswindow.Loans to corporationOther increasesOther decreasesFace amount shareholder loan (Mandatory)Shareholder Basiswindow then the Suspended Losses tabSelectView,Shareholder Information, thenShareholder Basison the Shareholder tab to open theShareholder Basiswindow.Regulation 1.1367-1(g) election (w/Election)Suppress 1367 election statementSuppress proforma of nondeductible expenses
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual
- Subject: Data sharing