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.

Use the Annualization spreadsheet to enter information for each period of ownership. UltraTax CS uses this information to determine the partners' distributive shares of each item. The spreadsheet consists of one tab each for the federal return and any state or city attached to the client.

To open the Annualization spreadsheet, choose View > Interim Closing Annualization with a 1065 client open.

Spreadsheet columns

• Description: This column lists a row for each item that can be distributed to partners. If there are no items that can be distributed to partners, no items will appear in the tab.

  Note: By default, only items with an amount are displayed. To display a row for all items that can be distributed to partners, choose Annualization > Display All Items. Choose Annualization > Display All Items again to return to the default presentation.

• Total: This column displays the entire year amount to be annualized. Information for this column transfers from federal or state input screen data entry.

• Dated columns: Enter the amount allocated to each period of ownership for each item to be distributed. UltraTax CS builds the columns based on the ownership periods entered in the Changes of Ownership window in Partner Data Entry.

  Note: UltraTax CS automatically calculates the amounts for the last period of ownership by subtracting amounts entered in the other periods of ownership from the amount in the Total column.

Was this article helpful?

Yes No

Submit