1040-US: Schedule K-1 financial data not shared

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Question

Why is all or some Schedule K-1 financial data not shared?

Answer

Schedule K-1 financial data can be shared among all 1040, 1041, 1065, and 1120 clients. (Note that financial data can be transferred into 1120C and 1065-B clients, but it cannot be transferred out of these clients.) The following are reasons why all or some Schedule K-1 financial data is not shared between clients.

All data is not shared

  • Taxpayer identifying numbers (TIN) must match in both the original and receiving clients to share financial data. Click here for details.
    • The TIN in Client Properties of the original client must match the TIN in the EIN field in Screen K1, located in the K1 1065, 1120 folder for 1065 or 1120 clients, or in Screen K1T, located in the K1 1041 folder for 1041 clients.
    • 1065 to 1040 clients - The partner's TIN in the View > Partner Information > Partner tab of the 1065 client must match the TIN in the applicable taxpayer or spouse SSN field in Screen 1040, located in the General Folder.
    • 1120 to 1040 clients - The shareholder's TIN in the View > Shareholder Information > Shareholder tab of the 1120 client must match the TIN in the applicable taxpayer or spouse SSN field in Screen 1040, located in the General Folder.
    • 1041 to 1040 clients - The beneficiary's data in the TIN field in Screen BeneInfo, located in the Bene folder for 1041 clients, must match the TIN in the applicable taxpayer or spouse SSN field in Screen 1040, located in the General Folder.
  • The original client was not printed or previewed prior to attempting to share data. The ability to share financial data is only available after the original client has been printed or previewed. Be sure to print or preview the original client after making any changes.
  • The original and receiving clients do not have years-end in the same year. Fiscal year-end clients must have a years-end in the same year as the calendar year-end client.
  • The data sharing feature may be turned off in the File > Client Properties > Advanced Properties dialog for either the original or receiving client. Click here for details.

    • When the Exempt this client from all Data Sharing functionality checkbox in the Restrict Access tab of the Advanced Properties dialog is marked for a client, UltraTax CS will stop the export and import of all data-share information for that client.
    • When the Deny others Data Sharing access to this client data checkbox in the Restrict Access tab of the Advanced Properties dialog is marked for a client, UltraTax CS will stop the export of all data-share information for that client, but information can still be imported into that client.

    Note: To access the Advanced Properties dialog for an open client, choose File > Client Properties and click the Advanced Properties button.

Some data is not shared

  • Data sharing is not supported for all Schedule K-1 information due to different reporting requirements for the original and receiving clients. See Federal K-1 financial data not shared (PDF) for details on what information is not shared among 1040, 1041, 1065, and 1120 clients. (To open the PDF, you must have Adobe Reader version DC or greater installed. If you do not have the current version or if you have difficulty opening the PDF, you can download and install the latest version of the Adobe Reader from the Downloads page of the Adobe website.)
  • Data sharing of the partner's and shareholder's basis information is suppressed. For details on how the information is suppressed, see the Preventing basis information from being shared and Preventing non-basis information from being shared sections in Data sharing basis information from 1065 and 1120S clients to 1040 clients.
  • By default, beginning basis and suspended losses are not shared with 1040 clients. For details on how the information is shared, see the Beginning-of-year basis balances and prior-year suspended basis losses section in Data sharing basis information from 1065 and 1120S clients to 1040 clients.

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