Adding an S Corporation consolidated return

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  1. Choose File > New Client.
  2. In the New Client dialog, click the 1120 option on the Federal tab. From the drop-down list, choose Consolidated S.
  3. Click the Advanced Properties button.
  4. Click the Group tab.
  5. To add the parent company for the S Corporation Consolidated return, highlight the company name in the S Corporations available to consolidated group list and click the Select Parent button.
  6. To add the eliminations company for the S Corporation Consolidated return, highlight the company name in the S Corporations available to consolidated group list and click the Select Eliminations button.

    Note: Including an eliminations client as part of a consolidated group is optional.

  7. To add a subsidiary company (QSSS) for the S Corporation consolidated return, highlight the company name in the S Corporations available to consolidated group list and click the Select Subsidiary button. Add additional subsidiary companies as needed.

    Notes

    • To remove a company from the consolidated return, see Removing companies from an existing consolidated client.
    • If you have a C Corporation that is QSSS, you will need to clone the client, change the client to an S Corporation, and make any necessary data entry in the S Corporation input screens.
  8. Click the Options tab. In addition to the amounts that UltraTax CS automatically combines, you may select additional amounts to be combined for an S Corporation consolidated client. Mark the checkbox for each category for which all member client values should be combined into the consolidated client.

    Note: If a category is not marked, enter the data on the applicable input screens in the S Corporation consolidated client. The following is a list of categories and the related input screens.

    Category Affected input screen(s)
    Payments PmtExt, Payments section
    Credits GBCGen; Forms 3468, 6765, and 8835 sections
    Section 179 Carryover NOL, Section 179 - Regular Tax section
    NOLAMT, Section 179 - AMT section
  9. Click OK to close the Advanced Properties dialog.
  10. Click OK again to close the New Client dialog.

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