Add a Form 1120 consolidated return
Follow these steps to add a Form 1120 consolidated return.
- SelectFile, thenNew Client.
- Select1120in theFederaltab. SelectConsolidated Cfrom the dropdown.
- SelectAdvanced Properties.
- Select theGrouptab.
- To add the parent company for the consolidated return, select the company name in the C Corporations available to consolidate group list, thenSelect Parent.
- To add the eliminations company for the consolidated return, select the company name in the C Corporations available to consolidate group list, thenSelect Eliminations.noteIncluding an eliminations return as part of a consolidated group is optional.
- To add a subsidiary company for the consolidated return, select the company name in the C Corporations available to consolidate group list, thenSelect Subsidiary. Add more subsidiary companies as needed.
- Select theOptionstab. In addition to the amounts that UltraTax CS automatically combines, you may select more amounts to combine for a consolidated return. Mark the checkbox for each category you want to add. All member values in each category marked will combine into the consolidated return.noteIf a category isn't marked, enter the data on the input screens in the consolidated return. The following is a list of categories and the related input screens.
- Payments: PmtExt, Payments section
- Credits: GBCGen; Forms 3468, 6765, 8820, and 8835 sections
- Taxes: J, Other Taxes section
- Section 179 Carryover: NOL, Section 179 section
- Contributions Carryover: NOL, Contributions section
- Section 1231 Losses Carryover: CO, Section 1231 Losses section
- SelectOKto close the Advanced Properties window.
- SelectOKagain to close the New Client window.
