Overview
Use this screen to enter general information, to calculate the late-filing penalty, and to prepare an extension for Form 1065.
See General and input screen-specific topics for electronic returns for data-entry guidelines to prevent electronic filing rejections.
Special allocations
Click the Ptr Alloc buttons to specially allocate items to partners using ratios that are different from the profit and loss ratios. You do not need to specially allocate items unless the partnership has allocations that differ from the profit and loss ratios.
Data sharing
UltraTax CS automatically shares general and demographic information (such as entity type and the client's name and address) among all clients and enables you to share Schedule K-1 financial data among all 1040, 1041, 1120, and 1065 clients automatically. For clients that are partners in a partnership, UltraTax CS allows you to choose to share the Schedule K-1 financial data in total or by activity. For details, see Data sharing overview.
Statements
Many data entry fields provide predefined statements to enter additional information. For details, see Statements overview.
Custom fieldviews
Custom fieldviews are available in various input screen fields and statement fields within UltraTax CS. These fieldviews allow you to add your own list of valid entries for a specific field (such as fields requiring the names of local banks) so that you can later choose from your customized list rather than entering the data each time. For details, see Custom fieldviews overview.
Tax codes
UltraTax CS uses tax codes to summarize and transfer related account balances from your accounting application, such as Accounting CS or Write-Up CS into UltraTax CS. For details, see Importing general ledger balances into UltraTax CS.
Statement special allocations
You can allocate statement items separately to partners from within the statements. The resulting statements print separately for each partner on an item-by-item basis.
Always enter the amount and click the Ptr Alloc button on the last line of each statement item. UltraTax CS assumes you entered the description first and that the amount and the Specially Allocate? fields are on the last line of each statement item.
Frequently asked questions
To view answers to common questions about calculations and data-entry issues, see Accessing frequently asked questions (FAQs).
Partnership Information
To enter a domestic address, use the following fields.
- Enter the street address in the Address field.
- Enter the city in the City field.
- Enter or select the state from the state drop-down list.
- Enter the ZIP code in the zip code field.
- Leave the Province or state, Postal code, and Foreign country fields blank.
To enter a foreign address, use the following fields.
- Enter the street address in the Address field.
- Enter the city in the City field.
- Leave the state and zip code fields blank.
- Enter the foreign province or foreign state in the Province or state field.
- Enter the postal code in the Postal code field.
- Enter or select the two-digit country code in the Foreign country code field. The application enters the selected country in the text field. The country code is required when electronically filing the return. If you do not electronically file the return, you can enter the country name directly in the text field.
Notes
- If the partner's address is in Canada, you can enter the Canadian province in the state field and the postal code in the zip code field, and leave the Province or state, Postal code, and Foreign country fields blank.
- The Province or state, Postal code, and Foreign country fields are only available if the State drop-down is blank or contains "." and the zip code field is blank.
Enter the foreign province or foreign state of the partnership's foreign address.
Notes
- Do not use this field if the partnership has a domestic address.
- Specific data entry for this field is required when filing FinCEN Form 114 and the partnership's address is in Canada. Leave this field blank if you have entered the Canadian province in the state field. Otherwise, one of the following is required.
- "AB" or "Alberta"
- "BC" or "Brtsh Columbia"
- "MB" or "Manitoba"
- "NB" or "New Brunswick"
- "NL" or "Newfoundland"
- "NT" or "Northwest Terr"
- "NS" or "Nova Scotia"
- "NU" or "Nunavut"
- "ON" or "Ontario"
- "PE" or "Prnc Edward Is"
- "QC" or "Quebec"
- "SK" or "Saskatchewan"
- "YT" or "Yukon"
Enter X to mark the partnership return and Schedule K-1 for all partners as final. Entering X also removes the client from the list of clients available to proforma to next year. If you do not enter X, you can individually mark each partner's Schedule K-1 as final in the Partner tab in the Partner Information window in Partner Data Entry by choosing View > Partner Information.
To zero out all partners' ending capital, choose View > Partner Information, click the Transfers of Capital button, click the drop-down arrow next to the Wizard 
button on the Partner Data Entry toolbar, and select Zero capital accounts. Use the Transferring field to select how the distribution adjusts the capital account on Schedules K-1 and M-2. Click the Next button to walkthrough the remaining data entry screens to zero out the capital accounts.
Use the statement to enter the reason this return is amended and to mark the Schedules K-1 for all partners as amended.
Notes
- The statement should be used only to amend Form 8865 or to amend a partnership return when the amended return is filed electronically.
- To amend a partnership return when the amended return is filed on paper, use Screens Amend, Amend-2, and Amend-3 in the Separate Filings folder to prepare Form 1065X.
- If you file the amended return within the filing period (including extensions), leave this statement blank and instead mark the Superseding return field.
Enter X if this is a subsequent return filed within the filing period (including extensions). If you enter X and do not enter an explanation for an amended return and do not enter information for Form 1065X, "Superseding Return" prints at the top of Form 1065, Page 1 and for all partners on Schedule K-1.
Your answer completes the question on Form 1065, Page 1.
To enter data for this field one time for all new clients, select an answer from the drop-down list in the Taxing authority may discuss return with preparer (Screen 1065) field in the Return Presentation tab in the New Client Options dialog. To open this dialog, choose Setup > 1065 Partnership, and click the New Client Options button.
Use the statement to enter any miscellaneous information that needs to be conveyed with the return. The General footnote appears as a separate item in each collation.
Note: Electronically filed federal returns include information from this statement, as well as information from the statement for the Preparer note explanation field in Screen ELF or ELFFP in the electronic file.
Enter a client complexity factor related to this return only. The application adds the amount entered in this field to the calculated client complexity factor, which is calculated based on the entry in the Client Complexity dialog and displays the total in the Complex column of the Open Client dialog. Choose Setup > 1065 Partnership > Client Complexity button to open the Client Complexity dialog.
This field overrides the client complexity factor calculated based on entry in Setup > 1065 Partnership > Client Complexity button for this client.
Year End Information
The application uses these fields to complete the heading on Form 1065, Page 1 and to calculate the due date of the return and depreciation.
The application automatically enters 12/31/18 in the Tax year ending field for all new returns. If this return is proforma'd, the date is proforma'd based on last year's information.
If the client has a short tax year for the current tax period, enter the beginning date for the tax period in the Tax year beginning field.
To properly calculate the tax year beginning date, the tax year ending date must be the last day of the month.
Use these fields only if the application is calculating depreciation and the client has ever had a short tax year, including if this is a final short year return. The application uses these fields to calculate the prior and current depreciation expense of the assets entered in the asset module. If you enter the client's assets into the Asset tab and the prior year-ends differ from the current year-end, enter the prior year-ends in these fields.
Note: For more information on how to enter a final short-year return,
see here.
Example: A client with a current fiscal year-end of 6/30/18 has prior fiscal year-ends of 6/30/18, 3/31/18, 3/31/17, 6/30/16, and 9/30/15. Enter the following information.
| Most recent |
Interim |
Oldest |
| 3/31/18 |
6/30/16 |
9/30/15 |
Note: If this is the client's first year and the year was shorter than 12 months, enter the ending date of the month preceding the month in which the short year began in the Most recent field. For example, if the client's year began on 5/15/18 and ended on 12/31/18, enter 4/30/18.
You cannot close Screen 1065 until you enter these dates correctly.
If you use Fixed Assets CS to track assets, the dates you enter in the Prior year-ends, if different fields in the Short Year tab in Fixed Assets CS automatically transfer to the Prior year-ends, if different fields in UltraTax CS. (To open the Short Year tab in Fixed Assets CS, choose File > Client Properties > Short Year tab.) Conversely, changes you make to these dates in UltraTax CS automatically transfer back to Fixed Assets CS.
For details about what information to enter in each of these fields, see general and input screen-specific help.
2018 UltraTax CS
