1040-US: Data sharing basis information from 1065 and 1120S clients to 1040 clients

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Question

How is partner and shareholder basis information shared from 1065 and 1120S clients to 1040 clients?

Answer

The data sharing feature enables you to share partner and shareholder basis information from 1065 and 1120S clients to 1040 clients. In addition to basis items that are automatically shared, you may choose to share beginning-of-year basis balances and prior-year suspended basis losses to 1040. The following information identifies basis items that are automatically shared, how to share beginning-of-year basis and prior-year suspended basis losses, and how to prevent basis information from being shared.

Items that are automatically shared

The following basis items are automatically shared.

Beginning-of-year basis balances and prior-year suspended basis losses

Beginning-of-year basis balances and prior-year suspended basis losses are not automatically shared from 1120S and 1065 clients to 1040 clients. If you need to share this information (if this is the first year preparing a shareholder's or partner's return, for example), you can indicate this in UltraTax CS. (For 1040 clients, UltraTax CS proformas end-of-year balances and carryovers into the next year's application.)

Data sharing beginning-of-year basis balances and prior-year suspended basis losses will overwrite any data proforma'd in UltraTax/1040 for these items.

Click here to share data for 1120S clients

Do one of the following:

  • To share beginning-of-year basis balances and prior-year suspended basis losses for all shareholders, enter X in the Data share beginning of year basis and prior year suspended losses for all shareholders field in the 1120S Information section of Screen 1120, located in the General folder of UltraTax/1120.
  • To share beginning-of-year basis balances and prior-year suspended basis losses for individual shareholders, enter X in the Data share beginning of year basis and prior year suspended losses field in the Shareholder Basis dialog. To access this dialog in UltraTax/1120, open an 1120 client, choose View > Shareholder Information, click the Shareholder Basis button in the Shareholder tab, and click the Suspended Losses tab.

Click here to share data for 1065 clients

To share beginning-of-year basis balances and prior-year suspended basis losses for all partners in a 1065 client, enter X in the Data share beginning of year basis and prior year suspended losses field in Screen Basis, located in the Partner Info Basis folder.

Note: Data sharing for beginning-of-year basis balances and prior-year suspended basis losses for individual partners in a 1065 client is not available.

Preventing basis information from being shared

To prevent basis information from being shared, you may suppress either the calculation of basis worksheets in the 1065 or 1120 client, or the sharing of basis information when the basis worksheets are calculated in UltraTax/1065 or UltraTax/1120.

Click here to suppress the calculation of basis worksheets for 1120S clients.

To suppress data sharing of basis information for all shareholders by suppressing the calculation of the basis worksheet, enter X in the Suppress calculation of shareholder basis worksheet field in Screen 1120, located in the General folder of UltraTax/1120. The shareholder basis worksheets will not calculate in UltraTax/1120 and data will not share to UltraTax/1040 clients.

Click here to suppress the calculation of basis worksheets for 1065 clients.

To suppress data sharing of basis information for all partners by suppressing the calculation of the basis worksheet, enter X in the Suppress calculation of partner basis worksheets field in Screen Basis, located in the Partner Info Basis folder of UltraTax/1065. The partner basis worksheets will not calculate in UltraTax/1065 and data will not share to UltraTax/1040 clients.

Click here to suppress the sharing of basis information from UltraTax/1120 to UltraTax/1040 clients.

Do one of the following to prevent basis information from sharing when the shareholder basis worksheets are calculated in UltraTax/1120.

  • To suppress data sharing of basis information for all shareholders, enter X in the Suppress data share of basis wrk for all shareholders field in Screen 1120, located in the General folder of UltraTax/1120.
  • To suppress data sharing of basis information for individual shareholders, mark the Suppress data share of shareholder basis information checkbox in the Shareholder Basis dialog, which is accessible in UltraTax/1120 by choosing View > Shareholder Information, clicking the Shareholder Basis button in the Shareholder tab, and clicking the Suspended Losses tab.

Click here to suppress the sharing of basis information from UltraTax/1065 to UltraTax/1040 clients.

To prevent basis information from being shared when the partner basis worksheets are calculated in UltraTax/1065, enter X in the Suppress data share of partner basis information field in Screen Basis, located in the Partner Info Basis folder of UltraTax/1065. This option will be applied to all partners in the partnership.

Note: You cannot suppress the data sharing of partner basis information for individual partners in UltraTax/1065.

Related topic: Schedule K-1 data sharing FAQs (1040)

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