Enter partner information
Do the following to enter and update demographic and other federal and state information for the partners.
note
UltraTax CS uses the information entered in the Partner Information window to complete the federal and state Schedules K-1 and other partner forms, worksheets, and reports.
- SelectViewthenPartner Informationto access Partner Data Entry. When you access Partner Data Entry, UltraTax CS opens the Partner Information window. The Partner Information window has 2 sections.
- The Partner Name list on the left side of the window lists all of the partners in the partnership.
- The Partner Information Summary and the Partner, Federal, and state tabs on the right side of the window contain demographic and other federal and state partner-specific information about the selected partner.
noteState tabs appear only if a state has been added to the return and additional partner information is required. - To add a new partner to the end of the Partner Name list, selectAdd Partner(CTRL+A). To insert a new partner, select the partner immediately after whom you want to insert the new partner, then selectInsert Partner(CTRL+I). To update the information for an existing partner, review the Partner Name list and then select the partner whose information you want to update.noteBy default, UltraTax CS assigns partner numbers. To assign custom partner numbers, selectSetupthenCustom Partner Numbers. To sort the partners alphabetically or by a particular allocated amount, selectTasksthenSort Partners.
- In the Partner tab, enter demographic and general information for each partner, such as the partner's name and address. UltraTax CS uses this information to complete both the federal and state returns.
- In the Federal tab, enter information for Schedule B-1, Schedule B-2, Schedule K-1, Schedule M-3, the Partner's Basis Worksheet, Forms 8804 and 8805, and Form 8938.
- If you process 1 or more state returns for this client, select the appropriate state tabs to enter state-specific partner information. The state tabs show only if a state has been added to the return and additional partner information is required.noteTo delete a partner, select the partner in the Partner Name list, then selectDelete Partner(CTRL+D).
