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This article applies to:

  • Product: UltraTax CS
  • Return type: 1065 Partnership

Set up options for new 1065 clients

Follow these steps to specify setup options for 1065 clients subsequently added to UltraTax CS.
  1. Select
    Setup
    , then
    1065 Partnership
    .
    note
    Depending on your security configuration, you may need to enter the master password and select
    OK
     before continuing.
  2. Select the
    Federal
     tab.
  3. Select
    New Client Options
    .
    note
    • The options you select in the
      New Client Options
       window apply to 1065 clients subsequently added to UltraTax CS. These options don't affect existing 1065 clients. For existing clients, you'll need to open each client individually and edit the return if you want UltraTax CS to use a particular option.
    • UltraTax CS applies the settings in this window to all 1065 clients with data converted from another tax application. UltraTax CS applies these settings the 1st time you open the client.
  4. Specify the following information in the
    Return Presentation
     tab:
    • Options for specially allocated depreciation
    • Include only trade or business depreciation on Page 1 of the return
    • If the partner's ownership percentage should be based on ending capita
    • Display the Schedule K-1 percentages using the partnership's tax year
    • Use the partnership's name rather than the doing business as (DBA) name for identification
    • Suppress printing of partner numbers
    • Default state partner allocations to federal allocated amounts
    • Adjust Form 1125-A purchases by changes in inventory
    • Suppress the Schedule K-1 distribution in excess of basis supplemental information
    • Calculate gross farm and nonfarm income for all partners
    • Print and round amounts on Schedules L, M-1, M-2, and M-3
    • Mailing of state tax form instructions
    • If the taxing authority can discuss the returns with the preparer
  5. Specify the following information on the
    Other
     tab.
    • Proforma the Schedule B-1 maximum indirect percent to next year
    • Options for the partner transmittal letters
    • Suppress the calculation of the partner basis worksheet
    • Options for the data share of the partner basis worksheet
    • Electronically file 1065 and 8865 returns or to suppress the state electronic file when electronically filing FinCEN Form 114 or the federal partnership return
    • Client copy tax return delivery method
  6. Select
    OK
     to accept the settings and close the window or select
    Cancel
     to close the window without saving your changes.

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