Examples of data sharing

Alerts and notices

The following examples of data sharing are meant to illustrate some of the common ways in which you can share general and K1 financial data.

The preparer should diligently review all data that is shared among clients.

General data sharing examples

Shared general data includes items such as a client's name, address, telephone number, TIN / SSN / EIN, and so on. General data can be shared among all UltraTax CS clients.

  • 1065 to 1041: You intend to process a 1041 return for a new client. The 1041 client that you are about to process is a partner in an existing 1065 client. When adding the 1041 client to the application, you enter the TIN in the EIN / SSN field in the New Client dialog. UltraTax CS automatically transfers the rest of the general information from the 1065 client into the new 1041 client's Screen 1041.
  • 1065 to 1040: You are beginning to process a 1040 return for a new client who is a partner for an existing 1065 client. In UltraTax/1065, you enter the partner's general information (SSN, name, and address) in the View > Partner Information > Partner tab. When adding the 1040 client to the application, you enter the SSN in the EIN / SSN field in the New Client dialog. UltraTax CS automatically transfers the rest of the general information from the 1065 client into the new 1040 client's Screen 1040. After the data transfer, the relevant fields in Screen 1040 are updated with the most current data. Note that these amounts appear in blue to indicate that they were transferred from a source outside the client's return.

    Note: If this were an existing 1040 client rather than a new client, the Data Sharing - Pending Updates dialog would prompt you to accept the 1065 partner data if the partner data is more current than the general information already entered in Screen 1040. By default, UltraTax CS opens the Data Sharing - Pending Updates dialog when you open a client to prompt you to update shared data, but you can disable this prompt.

Financial data sharing examples

Shared financial data includes most fields in the federal K1 input screens. Financial data can be shared among 1040, 1120, 1065, and 1041 clients.

  • 1120S to 1040: You have a 1040 client who is also a shareholder for one of your 1120S clients. You enter all of the data for the 1120S client, and then print (or preview on screen) the 1120S return. When you enter the 1040 SSN, you will be prompted to add the new K1 unit from the 1120S client. Once you have clicked the Add Unit button on the Data Sharing - Pending Updates dialog, you can review the client's Schedule K1 amounts and decide whether you want to accept the pending values. The updated data for those items you accept is transferred to the applicable fields in the K1 series of input screens. Note that these amounts appear in blue to indicate that they were transferred from a source outside or the client's return.

    Note: Statement dialog data items are shared but may require additional steps to update existing data with new data.

  • 1041 to 1040: You are processing a return for an existing 1040 client who is the beneficiary on an existing 1041 client whose return you have printed or previewed. When you enter the individual client's SSN in the SSN field in Screen 1040, UltraTax CS automatically prompts you to add the new K1 unit from the 1041 return. Once you click the Add Unit button on the Data Sharing - Pending Updates dialog, the Data Sharing Update dialog opens, indicating that financial data is available from the 1041 client, and giving you the option to accept it and update the 1040 client's data. Once you accept the data, the data will be transferred to the appropriate fields in Screen K1 for the 1040 client. This data will appear in blue to indicate that it was transferred from a source outside the client's return.
  • Source Data Entry to 1040: Your staff is using Source Data Entry to enter information for a 1040 client's return using the client's Form W-2 information. Once the appropriate information is entered (including the employee's SSN and the employer's EIN), the data is exported to UltraTax CS from Source Data Entry. The next time you open that client's return in UltraTax CS, you are prompted to create a new W-2 unit and walked through the process of accepting, postponing, or discarding the information imported from Source Data Entry.

Tips

Related topics

Data sharing overview


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