Setting options for new 1065 clients

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Use this procedure to specify setup options for 1065 clients subsequently added to UltraTax CS. The options you set in this dialog are also applied the first time you open a client whose data was converted from another tax application.

  1. Choose Setup > 1065 Partnership.

    Note: Depending on the security configuration, a prompt to enter the master password may appear. Enter the password, and click OK before continuing.

  2. Click the Federal tab.
  3. Click the New Client Options button.


    • The options you choose in the New Client Options dialog apply to 1065 clients subsequently added to UltraTax CS. These options do not affect existing 1065 clients. For existing clients, you must separately open each client and edit the return accordingly if you want UltraTax CS to use a particular option.
    • UltraTax CS applies the settings in this dialog to all 1065 clients with data that you converted from another tax application. UltraTax CS applies these settings the first time you open the client.
  4. In the Return Presentation tab, specify the following information.
    • options for specially allocated depreciation
    • whether to include only trade or business depreciation on Page 1 of the return
    • whether the partner's ownership percentage should be based on ending capital
    • whether to display the Schedule K-1 percentages using the partnership's tax year
    • whether to use the partnership's name rather than the doing business as (DBA) name for identification
    • whether to suppress printing of partner numbers
    • whether to default state partner allocations to federal allocated amounts
    • whether to adjust Form 1125-A purchases by changes in inventory
    • whether to suppress the Schedule K-1 distribution in excess of basis supplemental information
    • whether to calculate gross farm and nonfarm income for all partners
    • options for printing and rounding amounts on Schedules L, M-1, M-2, and M-3
    • options for the mailing of state tax form instructions
    • whether the taxing authority can discuss the returns with the preparer
  5. In the Other tab, specify the following information.
    • whether to proforma the Schedule B-1 maximum indirect percent to next year
    • options for the partner transmittal letters
    • whether to suppress the calculation of the partner basis worksheet
    • options for the data share of the partner basis worksheet
    • whether to electronically file 1065 and 8865 returns or to suppress the state electronic file when electronically filing FinCEN Form 114 or the federal partnership return
    • the client copy tax return delivery method
  6. Click OK to accept the settings and close the dialog, or click Cancel to close the dialog without saving your changes to the option settings.

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