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Data sharing

You can share Schedule K-1 financial data among all 1040, 1041, 1065, and 1120 clients. If you're a partner in a partnership, UltraTax CS lets you share the Schedule K-1 financial data in total or by activity but certain conditions have to be in place. The following information can help explain why UltraTax CS isn't sharing data between clients.

No data is shared

If none of your data is being shared, check for the following:
  • The partnership's and partner's taxpayer identification numbers (TIN) have to match in the original client and the receiving client.
  • The partner's SSN/EIN  have to match the SSN/EIN of the receiving client in the
    Client Properties
     window. Check the
    Partner
     tab of the
    Partner Information
     window.
  • The partnership's EIN in the
    Client Properties
     window for the original client have to match the EIN in the
    EIN
     field in the K1 screen.
  • You can share financial data from the original client only after the client data has been printed or previewed. Be sure to reprint the original client's return after you make any changes.
  • You can share financial data only if the client tax year-ends are compatible. UltraTax CS shares information between:
    • Clients with the same year end.
    • Clients with different year ends for fiscal and short-year returns if the originating 1041, 1065, or 1120-S client's tax year end falls within the receiving client's tax year.

Some information isn't shared

Because of different reporting requirements, some data isn't shared on Schedule K-1.
  • To suppress sharing partner basis information for a client, go to the
    Basis
     screen and mark the
    Suppress data share of partner basis information
     checkbox.
  • By default, UltraTax CS doesn't share beginning basis and suspended losses into 1040 and 1120 returns. To share this information, go to the
    Basis
     window and mark the
    Data share beginning of year basis and prior year suspended losses
     checkbox.
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