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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary
  • Subject: Data sharing

Data sharing examples

The following examples of data sharing are some of the ways you can share general and K1 financial data.
note
The preparer should diligently review all data shared with clients.

General data sharing examples

Shared general data includes items such as a client's name, address, telephone number, TIN/SSN/EIN, and so on. You can share general data with all UltraTax CS clients.
  • 1065 to 1041:
     You want to process a 1041 return for a new client. The 1041 client that you're about to process is a partner in an existing 1065 client. When adding the 1041 client to the application, you enter the TIN in the
    EIN / SSN
     field in the
    New Client
     window. UltraTax CS transfers the rest of the general information from the 1065 client into the new 1041 client's
    1041
     screen.
  • 1065 to 1040:
     You're beginning to process a 1040 return for a new client who is a partner for an existing 1065 client. In UltraTax/1065, you enter the partner's general information (SSN, name, and address) by going to
    View
    ,
    Partner Information
    , then the
    Partner
     tab. When adding the 1040 client to the application, you enter the SSN in the
    EIN / SSN
     field in the
    New Client
     window. UltraTax CS transfers the rest of the general information from the 1065 client into the new 1040 client's
    1040
     screen. After the data transfer, the fields in the
    1040
     screen are updated with the most current data. These amounts appear in blue to indicate that they were transferred from a source outside the client's return.
    note
    If this were an existing 1040 client rather than a new client, the
    Data Sharing - Pending Updates
     window asks you to accept the 1065 partner data if the partner data is more current than the general information already entered in the
    1040
     screen. By default, UltraTax CS opens the
    Data Sharing - Pending Updates
     window when you open a client to ask you to update shared data, but you can turn off this question.

Financial data sharing examples

Shared financial data includes most fields in the federal K1 input screens. Financial data can be shared among 1040, 1120, 1065, and 1041 clients.
  • 1120S to 1040:
     You have a 1040 client who is also a shareholder for one of your 1120S clients. You enter all of the data for the 1120S client, then print (or preview on screen) the 1120S return. When you enter the 1040 SSN, you'll be asked to add the new K1 unit from the 1120S client. After you select
    Add Unit
     on the
    Data Sharing - Pending Updates
    , you can review the client's Schedule K1 amounts and decide whether to accept the pending values. The updated data for those items you accept is transferred to the K1 series of input screens. These amounts appear in blue to indicate that they were transferred from a source outside or the client's return.
    note
    Statement
     window data items are shared but you may need to update existing data with new data.
  • 1041 to 1040:
     You're processing a return for an existing 1040 client who is the beneficiary on an existing 1041 client whose return you've printed or previewed. When you enter the individual client's SSN in
    SN
     on the 1040 screen, UltraTax CS asks you to add the new K1 unit from the 1041 return. When you select
    Add Unit
     on the
    Data Sharing - Pending Updates
     window, the
    Data Sharing Update
     window opens. It indicates that financial data is available from the 1041 client, and lets you accept it and update the 1040 client's data. When you accept the data, the data will be transferred to the K1 screen for the 1040 client. This data appears in blue to indicate it was transferred from a source outside the client's return.
  • Source Data Entry to 1040:
     Your staff is using
    Source Data Entry
     to enter information for a 1040 client's return using the client's Form W-2 information. Once the information is entered (including the employee's SSN and the employer's EIN), the data is exported to UltraTax CS from
    Source Data Entry
    . The next time you open that client's return in UltraTax CS, it will ask you to create a new W-2 unit and show you the process of accepting, postponing, or discarding the information imported from
    Source Data Entry
    .

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