Unable to share Schedule K-1 financial data with other returns
You can share Schedule K-1 financial data among all 1040, 1041, 1065, and 1120 returns. The following are reasons why all or some information isn't sharing between clients.
No data is being shared
- Sharing financial data requires that the S Corporation's and shareholder's taxpayer identifying numbers (TIN) match in both the original return and the receiving return.
- The shareholder's TIN for the original return in theShareholder Informationwindow will need to match the TIN for the receiving return in theClient Propertieswindow.
- The S Corporation TIN for the original return in theClient Propertieswindow will need to match the TIN entered in theEINfield in theK1screen for the receiving return.
- Sharing financial data from the original return is only available once the return has been printed (or previewed). Be sure to reprint the original return after making any changes to refresh the data shared into the receiving return.
- The capability to share data can be turned off for the original or receiving return via theFile,Client Properties, thenAdvanced Propertieswindow or the spouse's TIN.
- If you mark theExempt this client from all Data Sharing functionalitycheckbox, UltraTax CS doesn't export or import data for the active return.
- If you mark theDeny others Data Sharing access to this client datacheckbox, UltraTax CS doesn't export data for the active return, but data is still imported for the client.
Some information isn't sharing
- Due to different reporting requirements by the original or receiving returns, sharing data isn't supported for all information on Schedule K-1.
- UltraTax CS shares information between clients with different year ends. Schedule K-1 information is shared when the originating 1041, 1065, or 1120-S client's tax year end falls within the importing client's tax year.
- Shareholder basis information issues:
- Sharing data from the shareholder's basis information can be suppressed for each shareholder by marking theSuppress data share of shareholder basis informationcheckbox in theSuspended Lossestab in theView,Shareholder Information,Other Infotab, thenShareholder Basiswindow or by marking theSuppress data share of basis worksheetfield in the1120screen to suppress the data share for all shareholders in the current S Corporation return.
- By default, beginning-of-year basis and prior-year suspended losses don't share into the 1040 return. Mark theData share beg basis and prior suspended lossescheckbox in theSuspended Lossestab in theView,Shareholder Information,Other Infotab, thenShareholder Basiswindow to share this information on a shareholder-by-shareholder basis, or mark theData share beginning basis and prior suspended lossescheckbox in the1120screen to share this information with all shareholders in the current S Corporation return.
