Shareholder Information > Other Info tab

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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.

Use this tab to enter information for Form 1120S, each shareholder's Schedules K-1, shareholder basis information, and shareholder transmittal letters.

To update shareholder information, open the Shareholder Information window, then click the Other Info tab.

Fields & buttons

Other information group box

UltraTax CS defaults to Individual as the entity type of the beneficial owner of the S Corporation stock. The beneficial owner is the person or entity that controls the stock and reaps the benefits of stock ownership.

If the shareholder is not an individual, select the correct entity type from the attached drop-down list. If estate or trust is selected from the drop-down list, Ultra Tax CS will not allocate any Section 179 elected by the S Corporation to the shareholder. Complete the fields in the Schedule B-1 tab if the registered owner of the S Corporation stock is not the same as the beneficial owner of the stock. This field is also used to complete the state tax return, when applicable.

Enter a unique salutation for the shareholder in this field. For example, the shareholder's first name. The transmittal letter already includes "Dear" in the salutation, therefore, do not enter "Dear" in this field.

Mark this checkbox if this is the shareholder's final K-1. UltraTax CS will not proforma the shareholder to the following year.

This checkbox will already be marked if you previously marked the Final return field in Screen 1120 or if you entered a new date column into the Change of Ownership dialog but left the number of shares blank.

Mark this checkbox if the shareholder is designated as the rounding shareholder. When you mark this checkbox, UltraTax CS allocates all rounding adjustments to the shareholder.

Note: UltraTax CS allows one rounding shareholder for the corporation.

Mark this checkbox if the shareholder is the S Corporation's tax matters person. If option 3 or 4 is selected in the Heading for shareholder transmittal letter… field in Screen Letter, UltraTax CS uses this information for the shareholder transmittal letter.

Note: UltraTax CS allows one shareholder to be designated as the tax matters person for the corporation.

Mark this checkbox to request the transmittal letter for shareholders for whom you prepare individual 1040 returns. If this checkbox is not marked, UltraTax CS defaults to the standard transmittal letter for S Corporation shareholders.

UltraTax CS will not print the Schedule K-1 instructions in the Shareholder Package for shareholders that are marked as a 1040 client. If you want to print the Schedule K-1 instructions for shareholders who are 1040 clients, choose Setup > 1120 Corporation > Federal tab. Click the Other Return Options button and mark the Print Schedule K-1 instructions when shareholder is a 1040 client (S Corp) checkbox in the Return Presentation tab.

Mark this checkbox if the shareholder is an officer of the S Corporation. UltraTax/1120 transfers the shareholder's demographic information to the statement dialog for the Officer's compensation field on Screen Inc in the Income & Deductions folder.

Mark this checkbox to print the shareholder's transmittal letter in Spanish.

Mark this checkbox to exclude the shareholder from the total number of shareholders in the corporation at the end of the tax year that prints on Form 1120S, Page 1, Item I. This checkbox should be marked if the corporation has shareholders who are members of a family and should only count as one shareholder.

Electronic filing group box

The IRS's 1120 electronic filing program requires a name control field for the shareholder's name. UltraTax CS displays the calculated value in this field. Due to the complicated nature of the name control specifications, UltraTax CS may have an issue correctly calculating the name control fields. If this issue occurs, you can override the calculated value in this field, if required.

Allocable items group box

Under Notice 2008-1, in order for a two-percent shareholder-employee to deduct the amount of the health insurance premiums under IRC Section 162(l), the S Corporation must report the health insurance premiums paid or reimbursed as wages on the two-percent shareholder-employee's Form W-2 in that same year. In addition, the shareholder must report the premium payments or reimbursements from the S Corporation as gross income on their Form 1040.

However, if the health insurance premiums were not included in the shareholder's Form W-2, and you want to show the premiums on the Schedules K and K-1, enter the appropriate amount in the Shareholder health insurance field for each shareholder.

UltraTax/1120 transfers the shareholder health insurance to Schedules K and K-1 based on the option selected in the Shareholder health insurance shown on Schedules K and K-1 field in Screen K. If you enter 1 in this field or if the field is blank, UltraTax/1120 transfers the amount to Nondeductible expenses on Schedules K and K-1. If you enter 2 in this field, UltraTax/1120 transfers the amount to other items and amounts on Schedules K and K-1.

If the health / medical insurance premiums are included in the shareholder's Form W-2, you should not enter the amount in the Shareholder health insurance field, unless you want to show the health insurance premiums as Other items and amounts on Schedules K and K-1. This is done by entering 2 in the Shareholder health insurance shown on Schedules K and K-1 field in Screen K.

UltraTax CS allocates total distributions entered in the Nondividend distributions field in Screen Ms on a pro-rata basis to each shareholder. If the property distributions were not pro-rata, use this field to force the amount of the distribution printed on the shareholder's K-1. You may enter zero in this field, if applicable.

Note: If you use this field, you must enter the property distributions for all shareholders on this window.

UltraTax CS allocates total deemed dividends entered in the Deemed dividend elected under Regulation 1.1368-1(f)(3) field in Screen Ms to shareholders based on their end-of-year ownership percentages.

If you want to allocate deemed dividends to shareholders using a different method, use this field to force the amount of deemed dividends printed on the Deemed dividend election statement for the shareholder. This amount will also be displayed as an Other stock increase in the shareholder's basis worksheet. You will also need to enter an amount in this field if the shareholder does not have any beginning-of-year shares entered in the Shareholder tab. The sum of the amounts entered for all shareholders must equal the amount entered in the Deemed dividend elected under Regulation 1.1368-1(f)(3) field in Screen Ms.

This statement dialog is provided for supplemental information specific to each shareholder. Use this statement dialog for items that are not pro-rata. If you have pro-rata items that need to be reported to each shareholder, use Section B in Screen KSep in the Schedule K folder. The information you enter in this statement dialog prints in the K-1 statements for Box 17, Code V.

Shareholder basis group box

Click this button to open a dialog where you can enter stock basis, loan basis, and suspended loss information.

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