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Prepare a Form 1120 consolidated income tax return
Follow these steps to prepare a consolidated income tax return.
important
- You may need to adjust the data for your member returns before preparing the consolidated income tax return.
- When backing up or restoring a consolidated return, back up or restore all member returns as well.
note
The tax accrual options aren't available for consolidated returns.
- Proforma your parent, subsidiary, and eliminations return for each member of the consolidated group. Including the eliminations return is optional. You can also create a new 1120 C Corporation consolidated return.
- If you attach any of the following states to the consolidated return, select the consolidated/combined state return type inFile,Client Properties, the state tab. This will print consolidated/combined reports for these states. If you select the C Corporation state return type, UltraTax CS doesn't print consolidated/combined reports or forms.
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Maine
- Massachusetts
- Minnesota
- Mississippi
- Missouri
- Montana
- New Hampshire
- New Jersey
- Nebraska
- New Mexico
- New York/New York City
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Rhode Island
- South Carolina
- Utah
- Vermont
- Virginia
- West Virginia
- Wisconsin
noteMake sure to select the correct state return type before you begin data entry. If you change the state return type later you'll need to delete the state and reattach it as the new state return type, and you'll lose all state data. - Retrieve general ledger balances from your CS Professional Suite accounting application that integrates with UltraTax CS for each member return.noteIf you use a CS Professional Suite accounting application to retrieve general ledger balances for a consolidated return in UltraTax/1120 Consolidated, you need to set up individual clients in your accounting application for the parent company, the eliminations company, and each subsidiary company. A client that's departmentalized in the accounting application doesn't properly interface with the consolidated return in UltraTax/1120 Consolidated.
- Complete the remaining data entry for all members. It's important to keep the level of detail consistent across all members of the consolidated group. Also, make sure each member's return is complete and correct before proceeding to the next step.
- Review all consolidated input screens and complete any necessary remaining data entry.
- For each category not marked in theFile,Client Properties,Advanced Properties,Optionswindow, enter the necessary data in the input screens.
- Select theConsolidatedfolder, then theAffiltab. Complete the information on this input screen for Form 851, Affiliations Schedule. UltraTax CS creates 1 of these input screens for each member of the consolidated group.
- To file Form 1122, Authorization and Consent of a Subsidiary Corporation to be Included in a Consolidated Income Tax Return, for a member of the consolidated group, mark theFiling Form 1122field in the Affil screen for that member.
- To make adjustments in other areas of the return, open the Group View window or use F7 for the field you want to adjust, then enter the adjustment amount.
- To change the amounts entered in the parent, eliminations, or subsidiary returns, go back to the original source of data entry. For example, if you made a mistake in the asset data entry of the 1st subsidiary, close the consolidated return and reopen the 1st subsidiary. Go into the asset data entry for that return and correct the data. Close the subsidiary return and reopen the consolidated group. The correct number should now be a part of the consolidated group return.
- Print and review the consolidated tax return.