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Convert a 1065 return to an 1120S return

Complete the following steps to convert a 1065 return to an 1120S return.
note
This action permanently converts the entity type of the open client, and UltraTax CS will carry over most of the data that was previously entered on the existing client's return prior to the conversion. During this process, you can automatically create a copy of the existing return to help you compare the returns after conversion or to maintain a copy for archival purposes.
  1. Select
    File
    , then
    Open Client
     to open the 1065 client you want to convert to an 1120S client.
  2. Select
    File
    , then
    Convert Entity Type to 1120S
    .
  3. In the
    Convert from 1065 to 1120S
     window, enter the new client ID for the converted client if you need to.
  4. To save a copy of the original tax return with a new client ID, mark the
    Save a backup copy of the original client using this client ID
     checkbox and enter the backup client ID in the field.
  5. Select
    Convert
     to have UltraTax CS convert the entity type to an 1120S return.
note
You'll receive the following critical diagnostic message after you convert a 1065 return to an 1120S return:
Review the shareholder's ownership percentages in View > Shareholder Information and the information on the state tabs.
 This critical diagnostic message won't clear, but it won't prevent you from electronically filing the return.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation,1065 Partnership

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