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Use the Family Transfer Utility to transfer data between returns

You can use the Family Transfer Utility to transfer data between returns in the following cases:
  • You need to transfer dependent modified adjusted gross income (MAGI) information between returns for Form 8962.
  • You need to transfer information to calculate Form 8615, Tax for Certain Children Who Have Unearned Income.
If you need to change a return after a transfer, you can transfer the new information again using the Family Transfer Utility. You can also update the input screens manually in each return. Select
Undo
 to remove transferred data.
  1. Complete all returns to include in the transfer.
  2. Select
    Utilities
    , then
    Family Transfer Utility
    .
  3. In the pane on the left, select the parent or claiming taxpayer. Select the
    Select Parent
     button to move the return to the pane on the right.
    note
    • Only clients who meet the criteria in the
      Focus group
       box are listed in the pane on the left.
    • You can use the
      Search
       field to search by client ID. To search for a client by name, select the
      Name
       column heading and enter a name in the
      Search
       field at the top.
    • You have to select the parent or claiming taxpayer before selecting any dependents.
    • You can only select 1 parent or claiming taxpayer.
    • After the transfer completes, the system saves your selections as a family unit. For later transfers, selecting a parent or claiming taxpayer fills in the
      Clients selected
       pane with any dependents you transferred previously.
  4. In the left pane, select a dependent, then the
    Select Child/Dependent
     button to move the return to the pane on the right. Repeat this step for all applicable dependents.
  5. In the
    Transfer type group
     box at the lower right, mark 1 or both of the following checkboxes:
    • Dependent modified adjusted gross income (Form 8962):
      If you select this:
      • Dependent information transfers to the parent or claiming taxpayer in the
        Dependent's modified AGI
         section on the
        Coverage
         screen in the
        Health Care
         folder. (You can go to the Itemized/Standard Deduction & Dependent MAGI worksheet in the dependent's return to see how the dependent information calculated.)
      • No calculated data transfers to the dependent's return.
      • Client IDs and transfer type information transfers to the
        Family
         screen in the
        General
         folder for each return in the transfer.
  6. Kiddie tax (Form 8615):
     If you select this:
    • Parent information transfers to each child's
      8615
       screen in the
      Taxes
       folder.
    • No data transfers to the parent's return.
    • When the transfer is complete, the tool summarizes the client IDs, return type, and transfer type.
    • Client IDs and transfer type information transfers to the
      Family
       screen in the
      General
       folder for each return in the transfer.
  7. Select
    Preview
     to see a report of the data that transfer between family members.
  8. Select
    Transfer
     to transfer the data between family members. Once the transfer has been completed, you can update it. Use the tool to transfer the data again, or update the input screen manually.
    note
    • To review the data that was transferred, look at the
      Family
       window in the
      General
       folder in each return.
    • A message appears changes occur after a transfer has taken place. Follow the steps explained here to replace  previously transferred information with the most current information.
    • Data pro-formas to the next year. You don't have to complete this procedure every year if the family structure doesn't change.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual

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