Examples of sharing K-1 State if Different (SID) data

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The following examples of data sharing in SID columns are meant to illustrate how SID data is shared on 1040 and 1041 returns. The data sharing feature will automatically share most state if different (SID) K-1 financial data between UltraTax CS state applications. The SID columns in the 1040 and 1041 K1 input screens are used by the following state returns: AL, AR, CA, HI, IL, MA, MS, NJ, PA, or WI. The data sharing feature will provide state K-1 data for the recipient's resident and non-resident states.

In UltraTax/1040, the resident state is defined in the Client Properties dialog for data sharing purposes. Data sharing will not use the state postal code in Screen K1 or Screen 1040 to determine the client's resident state.

The preparer should diligently review all data that is shared among clients.

Example 1

Taxpayer "A" is a 1040 client who is a resident of California. Taxpayer "A" is also a shareholder in an S-corporation that files a California return. First, you complete the S-corp return, including the California return. You print or print preview the S-corp return. Once the S-corp return is completed, open the 1040 return for Taxpayer "A." UltraTax CS prompts you to accept the pending K-1 and financial data that is available from the California S-corp. In addition to the federal K-1 financial data you will receive the California financial data in the SID fields.

Example 2

Taxpayer "B" is a 1040 client who is a resident of California. Taxpayer "B" is also a shareholder in an S-corporation that files a Wisconsin return. First, you complete the S-corp return, including the Wisconsin return. You print or print preview the S-corp return. Once the S-corp return is completed, open Taxpayer B's 1040. UltraTax CS prompts you to accept the pending K-1 and financial data available from the Wisconsin S-corp. In this case, both the federal 1040 K-1 financial data and the Wisconsin non-resident data is shared. The financial data from the SID fields in the Wisconsin S-corp return is not shared because WI is not the taxpayer's resident state. Therefore, UltraTax CS will not bring this data into the taxpayer's 1040 return.

Example 3

Taxpayer "C" is a 1040 client who is a resident of Georgia. Taxpayer "C" is also a shareholder in an S-corporation that files a Georgia return. First, you complete the S-corp return, including the Georgia return. You print or print preview the S-corp return. Once the S-corp return is completed, open the 1040 return for Taxpayer "C." When you enter the TIN of the GA S-corp above in Screen K1 of Taxpayer B's 1040, UltraTax CS prompts you to accept the pending K-1 and financial data available from the Georgia S-Corp. In this case, only the federal K-1 financial data is shared. Georgia is not one of the states that utilize the SID fields, so Georgia state K-1 financial data won't be shared, regardless of the client's residency status.

Tips

  • You can also see examples of how demographic and K-1 financial data is shared among 1040, 1041, 1120, and 1065 clients.
  • You can also see examples of how demographic and W-2/1099R financial data is shared between Creative Solutions Accounting (CSA) and UltraTax CS.

Related topics

Data sharing overview

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