Data sharing FAQ (1065)

Alerts and notices

Question

Why is Schedule K-1 financial data sharing not working?

Answer

You can share Schedule K-1 financial data among all 1040, 1041, 1065, and 1120 clients. For clients that are partners in a partnership, UltraTax CS allows you to choose to share the Schedule K-1 financial data in total or by activity. (Note that you can transfer financial data into 1120C clients, but you cannot transfer the data out of these clients.) The following reasons may explain why UltraTax CS is not sharing all or some data between clients.

No data is being shared

  • To share financial data, the partnership's and partner's taxpayer identification numbers (TIN) must match in both the original client and the receiving client.
    • The partner's SSN/EIN in the Partner tab of the Partner Information window in Partner Data Entry for the original client must match the SSN/EIN of the receiving client in the Client Properties dialog.
    • The partnership's EIN in the Client Properties dialog (or Screen 1065) for the original client must match the EIN in the EIN field in Screen K1.
  • You can share financial data from the original client only after the client data has been printed (or previewed). Be sure to reprint the original client's return after you make any changes to refresh the data for sharing with the receiving client's return.
  • You can share financial data only if the client tax year-ends are compatible. UltraTax CS shares information between clients with the same year-end or between clients with different year-ends for fiscal and short-year returns, if the originating 1041, 1065, or 1120S client's tax year-end falls within the receiving client's tax year.
  • To disable data sharing for either the original or the receiving client, choose File > Client Properties, click the Advanced Properties button, and mark one of the following checkboxes.
    • Exempt this client from all Data Sharing functionality - Stops the export and import of all data that would otherwise be shared.
    • Deny others Data Sharing access to this client data - Stops only the export of data that would otherwise be shared. The client can still receive shared data from other clients.

Some information is not shared

  • Due to different reporting requirements by the original or receiving client, data sharing is not supported for all information on Schedule K-1. See Federal Financial Data Not Shared (links to a PDF guide, which requires the Adobe Reader) for more information about what data UltraTax CS does not share among 1040, 1041, 1065, and 1120 clients.
  • Partner's basis information:
    • To suppress the datashare of partner basis information for a client, mark the Suppress data share of partner basis information field in Screen Basis.
    • By default, UltraTax CS does not share beginning basis and suspended losses into 1040 and 1120 returns. To share this information, mark the Data share beginning of year basis and prior year suspended losses field in Screen Basis.

Related topic: Data sharing FAQs (1065)

Internal notes


Support: If the items listed above do not resolve the issue, the next step can be to rebuild data sharing. To do this, open Help > Repair > select the client(s) in question and click the Rebuild Data Sharing button for each individual client. Do not click the Rebuild Data Sharing button for All clients, as this is a time consuming process.