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Partner Data Entry > Partner tab
Show all hidden content
Use the
Partner
tab in the Partner Information
window in Partner Data Entry
to enter demographic and general information, such as the partner's name and address, and other information to complete each partner's Schedule K-1 and transmittal letter. UltraTax CS uses this information to complete the federal and state returns.- To update an existing partner's general information, select that partner's name in thePartner Namelist.
- To add a new partner, selectAdd Partner
.
note
If any information doesn't appear in the
Partner Information
window, check your screen resolution. UltraTax CS supports normal fonts and a resolution of at least 1024x768.Fields and buttons
Information group box
Partner #
By default, UltraTax CS assigns partner numbers. To assign custom partner numbers directly in this field, select
Setup
, then Custom Partner Numbers
. Partner #
includes alphanumeric characters (0-9 and A-Z) and special characters (such as -, &, or /) up to five digits or characters.Entity
Enter the partner's entity directly in the field or select the entity type from the dropdown list. For new partners, UltraTax CS uses the default entity type as defined in
Setup
, then Add Partner Default
.Nominee
Mark this checkbox to indicate that the partner is a nominee. UltraTax CS uses this information and the information in
Entity
for the partner's entity type on Schedule K-1, Item I1.SSN / EIN
Enter the partner's Social Security number (SSN) or Employer Identification Number (EIN). If you enter a number without any hyphens, the default is to hyphenate based on the partner's entity. Individual, disregarded entity, and estate partners default to SSN format. All other entities default to EIN format.
note
- If the partner is an IRA, enter the identifying number of the custodian of the IRA.
- If the partner is a Disregarded Entity, enter the identifying number of the beneficial owner.
- If the partner has applied for but not yet received a number, enterAto print "Applied For."
- If the return is electronically filed and a partner is foreign and doesn't have an SSN or EIN, enterFto use "ForeignUS" in the electronic file.
Name and address fields
Enter the partner's name and address information in these fields.
note
- If the partner isn't an individual,Firstwill be removed.
- If the partner is an IRA, enter the name and address of the custodian of the IRA.
- If the partner is a Disregarded Entity, enter the name and address of the beneficial owner.
Email address
Enter the partner's email address. When emailing Schedule K-1 packages directly to the partner, UltraTax CS uses this information as the email address.
note
- UltraTax CS automatically transfers the email address entered in this field to theFile,Email Schedule K-1 Packageswindow, and the email address entered in theEmail K-1 Packageswindow transfers to this field.
Partnership representative group box
Partnership representative
Mark this checkbox if this partner is the partnership's representative. UltraTax CS automatically transfers the information you enter in
SSN / EIN
, the name fields, the address fields, and the phone number field, to the Designation of Partnership Representative
section in the Contact
screen (or the Filer
screen for Form 8865 returns). If the partnership representative's entity isn't individual, enter the partnership representative designated individual’s SSN, address, and phone number.note
UltraTax CS lets only one partnership representative for the partnership.
Other information group box
Type
Enter the type of partner or select the type from the dropdown list. For new partners, UltraTax CS uses the default type as defined in
Setup
, then Add Partner Default
.note
- UltraTax CS calculates self-employment earnings on all items for partner types General Partner and LLC Member (SE Income).
- UltraTax CS reports self-employment earnings on services only for partner types Limited Partner and LLC Member (SE on services). Enter the amount of guaranteed payments for services in theSepKscreen in the related activity folder. The amount you enter will be allocated to all partners based on their profit percentage. UsePtr Allocto allocate this amount to the partners.
- UltraTax CS doesn't calculate or report self-employment earnings for partner type LLC Member (No SE).
LLC member manager
Mark this checkbox if the partner is an LLC member-manager. This field is available only if
Type
indicates that the member is an LLC member. UltraTax CS uses this information for the type of partner on Schedule K-1, Item G.Active
Mark this checkbox to indicate that this is an active partner for purposes of the Analysis of Net Income (Loss).
Final K-1
Mark this checkbox if this is the partner's final Schedule K-1.
note
If
Final return
in the 1065 screen has been marked, UltraTax CS automatically marks the Final K-1 checkbox on Schedule K-1 for all partners.Foreign
Mark this checkbox if the partner is a foreign partner. Enter information for Forms 8804 and 8805 in the
Federal
tab.Rounding partner
Mark this checkbox to designate the partner as the rounding partner. UltraTax CS rounds each allocable item separately. When you mark this checkbox, an allocable item is rounded up if the remaining amount is $0.50 or more, and is rounded down if the remaining amount is $0.49 or less. UltraTax CS then allocates the net of all rounding adjustments to this partner. If this checkbox isn't marked, UltraTax CS rounds all allocable items, then distributes total leftover cents $1.00 at a time to the partners with the highest allocated amounts until all rounding adjustments are distributed.
note
UltraTax CS lets only one rounding partner for the partnership.
Resident state at year end
Enter the partner's state of residency at year end if the state of residency is different from the partner's address or select the postal code from the dropdown list. UltraTax CS uses information you enter in this field on the state, city, and other returns. UltraTax CS automatically enters the postal code you enter in
State
. If you leave this field blank, UltraTax CS assumes that the partner is a resident of the state you enter in State
.Transmittal letter group box
Salutation
Enter a unique salutation for the partner in this field; for example, the partner's first name. The transmittal letter already includes "Dear" in the salutation, so don't enter "Dear" in this field.
Partner is a 1040 client
Mark this checkbox to automatically change the text of the transmittal letter for a partner for whom you prepare an individual 1040 return to remind the partner that you've retained a copy of the return and to call for an appointment to begin preparation. If this checkbox isn't marked, UltraTax CS uses the standard transmittal letter text for partners.
note
If you mark this field, UltraTax CS doesn't print the Schedule K-1 instructions in the partner package for the partner. To print the Schedule K-1 instructions for all partners regardless of this selection, select
Print Schedule K-1 instructions when partner is a 1040 client
in the Setup
, 1065 Partnership
, Other Return Options
window, then Return Presentation tab
.Print partner's letter in Spanish
Mark this checkbox to print the partner's letter included in the partner package in Spanish.
Disregarded entity group box
Identification number
Enter the identification number of the disregarded entity. UltraTax CS reports this on Schedule K-1, item H2 when the partner is a Disregarded Entity.
Name
Enter the full name of the disregarded entity. UltraTax CS reports this on Schedule K-1, item H2 when the partner is a Disregarded Entity.
Beneficial owner group box
Entity
Enter the beneficial owner’s entity directly in the field or select the entity type from the dropdown list. UltraTax CS reports this on Schedule K-1, item I1, when the partner is a Disregarded Entity.