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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 SSN/EIN of the client and taxpayer matches the SSN/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, whichever is applicable.
  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.

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