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Multi-Entity

Data share K-1 information into a return

Do the following to data share (export) K-1 information into a 1040 return:
  1. In the 1065/1120/1041 client, verify that the Social Security Number (SSN) or Employee Identification Number (EIN) of the client and taxpayer matches the SSN or EIN used in the 1040 return.
    • For a Partnership return, verify the EIN of the Partnership under
      File
      , then
      Client Properties
       and verify the SSN of the Partner under
      View
      , then
      Partner Information
      .
    • For an S Corporation, verify the EIN of the S Corporation under
      File
      , then
      Client Properties
       and verify the SSN of the Shareholder under
      View
      , then
      Shareholder Information
      .
    • For an Estate/Trust return, verify the EIN of the Trust under
      File
      , then
      Client Properties
       and verify the SSN of the Beneficiary under
      View
      , then
      Beneficiary Information
      .
  2. Within the originating client (1065/1120/1041), select
    File
    , then
    Preview
    .
  3. When the preview is complete, close the preview window and close the 1065/1120/1041 client.
    important
    This step is necessary to create the data sharing files.
  4. Open the 1040 client then go to the
    K-1
     screen. The
    K-1
     screen is located under the
    K1 - 1065, 1120S
     folder or the
    K1 - 1041
     folder.
  5. Go to
    Taxpayer/Spouse/Joint
     and enter a
    T
     or
    S
    . By default, UltraTax CS looks at the taxpayer's social security number.
  6. Enter the 1065/1120/1041 client's EIN in the field provided on the
    K-1
     screen. When you're done, you'll be prompted to accept financial information.
note
If you make a change in the originating client and need to transfer the K-1 data again, you'll need to print preview the originating client to rebuild the data sharing files. The updated K-1 should data share into the 1040 return after you reopen the client.
If none of the data is shared after following the previous steps, you can also review the following options:
  • Verify the years-end for both clients end in the same calendar year.
  • Make sure data sharing is turned on:
    • Go to
      File
      Client Properties
      Advanced Properties
       for the clients where data isn't shared.
    • Find the following checkboxes under the
      Restrict Access
       tab and make sure they're cleared.
      • Except this client from all Data Sharing functionality
      • Deny others Data Sharing access to this client data
If only some data isn't shared, it may be due to the following reasons:
  • Reporting requirements differ between the clients.
  • Data sharing of the partner or shareholder's basis is suppressed.
  • The beginning basis and suspended losses aren't shared with 1040 clients by default.

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