Tax & Accounting Blog

New “Family Transfer Utility” Easily Transfers Data Between Returns

CS Tax & Asset Management Solutions February 5, 2015

A new enhancement to 2014 UltraTax CS is the Family Transfer Utility, which makes transferring information for the purpose of Kiddie Tax and Dependent MAGI calculations easier than ever. 

To transfer information between returns, complete the following steps. 

  1. Complete data entry for all returns that will be involved in the transfer.
  2. Choose Utilities > Family Transfer Utility.
    UltraTax CS Family Transfer Utility
  3. In the pane on the left, highlight the parent or claiming taxpayer, and then click the Select Parent button to move the return to the pane on the right.
  4. In the pane on the left, highlight a dependent and click the Select Child/Dependent button to move the return to the pane on the right.
  5. Repeat step 4 for all applicable dependents.
    Note: Using the Windows Ctrl and Shift keys, dependents may be selected together
  6. In the Transfer type  group box at the lower-right, mark one or both of the following checkboxes:
    • Dependent modified adjusted gross income (Form 8962/8965/Individual Responsibility) – If you mark this checkbox, data transfers as follows:
      • Dependent information transfers to the parent or claiming taxpayer in the Dependent’s modified AGI statement dialog on Screen ACA Tax (Taxes folder). To see the calculation of the dependent information, refer to Worksheet 6, Itemized/Standard Deduction & Dependent MAGI worksheet in the dependent’s return.
    • Kiddie tax (Form 8615)  – If you mark this checkbox, data transfers as follows:
      • Parent information transfers to each child’s Screen 8615 (Taxes folder).
      • Child information transfers to each child’s Screen 8615Sib (Taxes folder).
  7. Click the Preview button to see a report of the data that will transfer between family members.
    Note: Data is not transferred in preview. Upon closing the preview the Transfer Confirmation dialog will open requiring the user to confirm the transfer of data.
  8. Click the Transfer  button to transfer the data between family members. Once the transfer has been completed, data may be updated by re-transferring the data using the utility by manually updating the applicable input screens or using the Undo button.
    • Client IDs and Transfer Type information transfers to Screen Family in the General folder for each return involved in the transfer.

More Information?

Refer to the Using the Family Transfer Utility to transfer data between returns article in our Help & How-To Center for detailed information on using the Family Transfer Utility.