Triva isn't available right now.
Check out the support page for our phone number and hours
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 theEIN / SSNfield in theNew Clientwindow. UltraTax CS transfers the rest of the general information from the 1065 client into the new 1041 client's1041screen.
- 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 toView,Partner Information, then thePartnertab. When adding the 1040 client to the application, you enter the SSN in theEIN / SSNfield in theNew Clientwindow. UltraTax CS transfers the rest of the general information from the 1065 client into the new 1040 client's1040screen. After the data transfer, the fields in the1040screen 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.noteIf this were an existing 1040 client rather than a new client, theData Sharing - Pending Updateswindow asks you to accept the 1065 partner data if the partner data is more current than the general information already entered in the1040screen. By default, UltraTax CS opens theData Sharing - Pending Updateswindow 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 selectAdd Uniton theData 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.noteStatementwindow 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 inSNon the 1040 screen, UltraTax CS asks you to add the new K1 unit from the 1041 return. When you selectAdd Uniton theData Sharing - Pending Updateswindow, theData Sharing Updatewindow 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 usingSource Data Entryto 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 fromSource 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 fromSource Data Entry.
Related Content
-
Data sharing overview
Format:
Article,
2 min read
-
Troubleshoot data sharing
Format:
Article,
2 min read
-
Data sharing examples - Accounting CS or CSA
Format:
Article,
3 min read
-
Data sharing examples - K1 State if Different (SID) data
Format:
Article,
3 min read