State Taxable Income Workpapers

State Taxable Income Workpapers are available for insurance binders. New York, Mississippi, Michigan, and Oregon have insurance specific forms to file for insurance companies. For these states, a separate State TI Forms Mapping Chart is available for state modifications to the insurance forms and schedules. For other states, you can assign the income type of mapping chart to insurance binders.

To use the State TI Insurance Mapping Chart, set up the jurisdictions as you normally would in the system. Refer to the State Processing chapter in the ONESOURCE Income Tax RS User Guide for more information.

1120PC Schedule E and F Options

There are two options available to populate 1120-PC Schedule E Premiums Earned and Schedule F Losses Incurred. You can choose either the Default method or the Alternate method.

Default and Alternate Method for the 1120-PC Schedules E and F

Default: The default method populates the lines in the 1120-PC Schedules E and F using income statement TRCs. See the ONESOURCE Income Tax TRC Lists and Cross-Reference Forms Guide on Customer Center for a list of specific TRCs used for each line.

Alternate: The Alternate method uses the Adjusted Tax Balance amounts of liability accounts to populate Schedules E and F. See the ONESOURCE Income Tax TRC Lists and Cross-Reference Forms Guide on Customer Center for specific TRCs used for each line.

If you use the Alternate method, check the box to Check to carry in reserves from Balance Sheet to Schedule E and F.

NAIC Transfer for Certain Schedules

You can still transfer certain schedules to supplement imported data even when you use the Tax Accounting System (TAS) to import it. The NAIC Annual Statement Transfer screen limits TAS users access to all schedules but does allow access to certain schedules.

If you use TAS, you can import the following schedules:

1120-PC Property & Casualty Annual Statement Schedules

Loss Reserve Discounting (LRD)
LRD and Schedule T
Schedule T

1120-L Life Annual Statement Schedules

Deferred Acquisition Cost (DAC)
DAC and Schedule T
Schedule T

Failed Life Insurance Data Entry

We currently do not support transferring data from TAS to Organizer for failed life insurance companies that are converted to 1120PCs for tax return purposes. Use the NAIC method for those returns. Thus, for failed life insurance companies, continue to check the boxes in Organizer on the Failed Life Conversion screen to (1) activate the 1120-PC and to (2) deactivate the 1120L form.

TAS Consolidations

TAS consolidations are available for only like-kind groups: 1120L sub-groups, 1120PC sub-groups, or 1120 sub-groups. Consolidations of nonlife and life / non-life groups are completed in the Organizer.

1120/State_Taxable_Income_Workpapers.htm/TY2021

Last Modified: 08/10/2021

Last System Build: 01/31/2023