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Convert a 1065 return to an 1120S return
Complete the following steps to convert a 1065 return to an 1120S return.
note
This action permanently converts the entity type of the open client, and UltraTax CS will carry over most of the data that was previously entered on the existing client's return prior to the conversion. During this process, you can automatically create a copy of the existing return to help you compare the returns after conversion or to maintain a copy for archival purposes.
- SelectFile, thenOpen Clientto open the 1065 client you want to convert to an 1120S client.
- SelectFile, thenConvert Entity Type to 1120S.
- In theConvert from 1065 to 1120Swindow, enter the new client ID for the converted client if you need to.
- To save a copy of the original tax return with a new client ID, mark theSave a backup copy of the original client using this client IDcheckbox and enter the backup client ID in the field.
- SelectConvertto have UltraTax CS convert the entity type to an 1120S return.
note
You'll receive the following critical diagnostic message after you convert a 1065 return to an 1120S return:
Review the shareholder's ownership percentages in View > Shareholder Information and the information on the state tabs.
This critical diagnostic message won't clear, but it won't prevent you from electronically filing the return.This article applies to:
- Product: UltraTax CS
- Return type: 1120 Corporation, 1065 Partnership