New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

Why can't I share the Schedule K-1 financial data with my other returns?

Answer

You can share Schedule K-1 financial data among all 1040, 1041, 1065, and 1120 returns. The following are reasons why all or some information is not sharing between clients.

• Sharing financial data requires that the S Corporation's and shareholder's taxpayer identifying numbers (TIN) match in both the original return and the receiving return.
  • The shareholder's TIN for the original return in the Shareholder Information window must match the TIN for the receiving return in the Client Properties dialog.
  • The S Corporation TIN for the original return in the Client Properties dialog must match the TIN entered in the EIN field in Screen K1 for the receiving return.
• Sharing financial data from the original return is only available once the return has been printed (or previewed). Be sure to reprint the original return after making any changes, in order to refresh the data shared into the receiving return.
• The capability to share data can be turned off for the original or receiving return via the File > Client Properties > Advanced Properties dialog or the spouse's TIN, if applicable.
  • If you mark the Exempt this client from all Data Sharing functionality checkbox, UltraTax CS does not export or import data for the active return.
  • If you mark the Deny others Data Sharing access to this client data checkbox, UltraTax CS does not export data for the active return, but data is still imported for the client.

Some information is not sharing

• Due to different reporting requirements by the original or receiving returns, sharing data is not supported for all information on Schedule K-1. See the Federal K-1 Financial Data Not Shared guide in PDF for more information on what information is not shared among 1040, 1041, 1065, and 1120 returns.
• UltraTax CS shares information between clients with different year-ends. Schedule K-1 information is shared when the originating 1041, 1065, or 1120S client's tax year-end falls within the importing client's tax year.
• Shareholder basis information issues:
  • Sharing data from the shareholder's basis information can be suppressed for each shareholder by marking the Suppress data share of shareholder basis information checkbox in the Suspended Losses tab in the View > Shareholder Information > Other Info tab > Shareholder Basis dialog or by marking the Suppress data share of basis worksheet field in Screen 1120 to suppress the data share for all shareholders in the current S Corporation return.
  • By default, beginning-of-year basis and prior-year suspended losses do not share into the 1040 return. Mark the Data share beg basis and prior suspended losses field in the Suspended Losses tab in the View > Shareholder Information > Other Info tab > Shareholder Basis dialog to share this information on a shareholder-by-shareholder basis, or mark the Data share beginning basis and prior suspended losses field in Screen 1120 to share this information with all shareholders in the current S Corporation return.

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