Partner Data Entry > Partner tab

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Use the Partner tab in the Partner Information window in Partner Data Entry to enter demographic and general information, such as the partner's name and address, and other information to complete each partner's Schedule K-1 and transmittal letter. UltraTax CS uses this information to complete the federal and state returns.

Note: If any information does not appear in the Partner Information window, check your screen resolution. UltraTax CS supports normal fonts and a resolution of 1024x768 or higher.

Fields & buttons

Information group box

By default, UltraTax CS assigns partner numbers. To assign custom partner numbers directly in this field, choose Setup > Custom Partner Numbers. The Partner # field allows alphanumeric characters (0-9 and A-Z) and special characters (-, &, /, etc.) up to five digits or characters.

Enter the partner's entity directly in the field or select the entity type from the drop-down list. For new partners, UltraTax CS uses the default entity type as defined in Setup > Add Partner Default.

Mark this checkbox to indicate that the partner is a nominee. UltraTax CS uses this information and the information in the Entity field for the partner's entity type on Schedule K-1, Item I1.

Enter the partner's Social Security number (SSN) or Employer Identification Number (EIN). If the partner has applied for but not yet received a number, enter A to print "Applied For." If you enter a number without any hyphens, the default is to hyphenate based on the partner's entity. Individual, disregarded entity, and estate partners default to SSN format. All other entities default to EIN format.

Note: If the return is electronically filed and a partner is foreign and does not have an SSN or EIN, enter F to use "ForeignUS" in the electronic file.

Enter the partner's name and address information in these fields.

Notes

Enter the partner's email address. When emailing Schedule K-1 packages directly to the partner, UltraTax CS uses this information as the email address.

Notes

  • UltraTax CS automatically transfers the email address entered in this field to the File > Email Schedule K-1 Packages dialog, and the email address entered in the Email K-1 Packages dialog transfers to this field.
  • For more information on how to email Schedule K-1 packages, see Sending Schedule K-1 packages by email (1065).

Other information group box

Enter the type of partner or select the type from the drop-down list. For new partners, UltraTax CS uses the default type as defined in Setup > Add Partner Default.

Notes

  • UltraTax CS calculates self-employment earnings on all applicable items for partner types General Partner and LLC Member (SE Income).
  • UltraTax CS reports self-employment earnings on services only for partner types Limited Partner and LLC Member (SE on services). Enter the amount of guaranteed payments for services in Screen K-3 in the Schedule K folder. The amount you enter will be allocated to all partners based on their profit percentage. Use the Ptr Alloc button to allocate this amount to the appropriate partners.
  • UltraTax CS does not calculate or report self-employment earnings for partner type LLC Member (No SE).

Mark this checkbox if the partner is an LLC member-manager. This field is available only if the Type field indicates that the member is an LLC member. UltraTax CS uses this information for the type of partner on Schedule K-1, Item G.

Mark this checkbox to indicate that this is an active partner for purposes of the Analysis of Net Income (Loss).

Mark this checkbox if this is the partner's final Schedule K-1.

Note: If the Final return field in Screen 1065 has been marked, UltraTax CS automatically marks the Final K-1 checkbox on Schedule K-1 for all partners.

Mark this checkbox if the partner is a foreign partner. Enter information for Forms 8804 and 8805 in the Federal tab.

Mark this checkbox to designate the partner as the rounding partner. UltraTax CS rounds each allocable item separately. When you mark this checkbox, an allocable item is rounded up if the remaining amount is $0.50 or more, and is rounded down if the remaining amount is $0.49 or less. UltraTax CS then allocates the net of all rounding adjustments to this partner. If this checkbox is not marked, UltraTax CS rounds all allocable items, and then distributes total leftover cents $1.00 at a time to the partners with the highest allocated amounts until all rounding adjustments are distributed.

Note: UltraTax CS allows only one rounding partner for the partnership.

Mark this checkbox if this partner is the partnership's tax matters partner. UltraTax CS automatically transfers the information you enter in the SSN / EIN field, the name fields, and the address fields to the Designation of Tax Matters Partner section in Screen Contact (or Screen Filer for Form 8865 returns). If the tax matters partner's entity is not individual, enter the representative name in the Representative name field.

Note: UltraTax CS allows only one tax matters partner for the partnership.

Enter the telephone number of the tax matters partner.

If the tax matters partner's entity is not individual, enter the name of the tax matters partner representative.

Enter the partner's state of residency at year end if the state of residency is different from the partner's address or select the postal code from the drop-down list. UltraTax CS uses information you enter in this field on the state, city, and other returns. UltraTax CS automatically enters the postal code you enter in the State field. If you leave this field blank, UltraTax CS assumes that the partner is a resident of the state you enter in the State field.

Transmittal letter group box

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

Mark this checkbox to automatically change the text of the transmittal letter for a partner for whom you prepare an individual 1040 return to remind the partner that you have retained a copy of the return and to call for an appointment to begin preparation. If this checkbox is not marked, UltraTax CS uses the standard transmittal letter text for partners.

Note: If you mark this field, UltraTax CS does not print the Schedule K-1 instructions in the partner package for the partner. To print the Schedule K-1 instructions for all partners regardless of this selection, mark the Print Schedule K-1 instructions when partner is a 1040 client field in the Setup > 1065 Partnership > Other Return Options dialog > Return Presentation tab.

Mark this checkbox to print the partner's letter included in the partner package in Spanish.

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