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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
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 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.
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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.
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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