Insurance Returns

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Introduction

• Topics Covered
• Getting Started

Working in the Tax Application

• Cross-Checking of Data Source Types
• Organizer and Tax Forms Overview
• General Information
  • Basic Return Information
  • Return and Print Options
  • Tax Form Options
  • M-3 Options
• Reviewing the Tax Return
  • Reconciliations of the Annual Statement Income to Taxable Income
  • Diagnostics

Selecting the Data Source

• Data Sources
• NAIC Annual Statement
  • NAIC Annual Statement Transfer
  • Annual Statement Transfer for Short Year Returns
  • NAIC Mapping to the Tax Return
  • Statutory-to-Tax Adjustments
• Electronic Organizer
  • Schedule M-3
  • Statutory-to-Tax Adjustments
  • Adjustments and Reclasses
  • Reclasses In Balance

Creating the Insurance Return

• Step 1: Rollover a Return from the Prior Year’s Return
• Step 2: Enter Federal Tax ID Number and Entity Information
• Step 3: Choose Return/Entity Type
• Step 4: Complete Data Entry in the Organizer

1120-L Tax Returns

• 1120-L Returns
• Life Insurance Reserves Test
• Failed Life
  • Using the Life NAIC Import
• 1120-L Unique Items
  • DAC – Deferred Acquisition Costs
  • Schedule T

1120-PC Tax Returns

• 1120-PC Returns
• 1120-PC Unique Items
  • Loss Reserve Discounting (LRD)
    • LRD Lines
    • Compute Options
    • Print Suppression Options
    • Discounting Summary
      • Short Period Lines
      • Long Period Lines
      • Accident and Health
  • Salvage and Subrogation
    • Methods of Calculation of S&S
    • S&S Options
  • Failed Life
  • Deferred Acquisition Costs (DAC)

Activating State Insurance Returns

• Activating State Returns
• Allocation and Apportionment

Net Operating Loss

• Net Operating Loss
  • Non-SRLY NOL
  • SRLY NOL Entry
  • S382 NOL
• NOL Organization and Rules
  • NOL Offsetting Rules and Order
  • NOL Override Rules
• Limitation of Nonlife NOL Against Life Subgroup Income
• LNL Eligibility Check Box
• Examples of NOL Utilization
  • NL Examples
  • LNL Examples
• Common NOL Support Questions

Consolidating the Insurance Return

• Preparing for Consolidation
• Elimination Return
• Subgroup Subconsolidation
  • 1120 Subgroup Subconsolidation
  • 1120-PC Subgroup Subconsolidation
  • 1120-L Subgroup Subconsolidation
• Subgroup Top Consolidation
• Nonlife Consolidation
  • Nonlife Subgroup or Nonlife Top Consolidation
• Life Nonlife Consolidation

Working in your Consolidation

• Tools for Consolidation
  • Subview
  • Schedule K Questions
• Form 851: Corporate Affiliations Schedule
  • Preparing Form 851
  • Consolidation Carry Information
  • Top Consolidation
  • Entering Information for Form 851
  • Printing Form 851

Mixed Group State Consolidation

• Multi-tier Mixed Group State Consolidation Structures
• Single-Tier or Flat Mixed Group State Consolidation Structure
• Nonlife Eliminations
• E-filing

Printing the Return

• Printing
  • Print Preview
• Print Options
  • Return and Print Options
  • Compute/Print Options for Schedule M-1/M-3
  • Reviewing Print Options

 

 

 

1120/toc_1120_insurance_gst.htm/TY2021

Last Modified: 01/29/2020

Last System Build: 01/31/2023

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