Entering community property (706)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

There are three methods available for entering community property.

  1. On Screen Asset, enter the description and entire value of a community property asset.
  2. Use one of the following data-entry methods.
    • In the Adjustment items statement dialog, enter text similar to "Surviving Spouse's Community Interest" in the Description column. On the same line as the text, enter half the asset alternate value and/or death value amount as a subtraction. The application nets the amounts entered for each item (entire value + accrued income - community property interest) before considering amounts to transfer to Schedule M, Schedule O, the Asset Worksheets, or when transferring amounts to the states.
    • Enter X in the Community property field. The application calculates and displays the surviving spouse's one-half interest for all identified community property and prints the adjustment as the last item for that schedule. Even though the adjustment is listed as the last item in the schedule, the net amount of each asset is considered for Schedule M, Schedule O, the Asset Worksheets, or when transferring amounts to the states. There is a Force field for you to override the calculation, if necessary.
    • Indicate the surviving spouse's one-half interest by entering only the decedent's share of the community property asset in the Alternate value and/or Value at date of death fields.

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