Bloomberg Tax Planner Export for 1040 and 1120

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1040 Charts * 1120 Charts * Creating an Export

Scope of the Export

Thomson Reuters offers a utility for exporting Form 1040 and Form 1120 information to the Bloomberg Tax Planner applications for 1040 and 1120 in the form of a text file that is compatible with and can be opened by the Bloomberg Tax Planner application.

We make every effort to ensure the accuracy of the export, but there are many instances where there is not a one-to-one relationship between the manner in which we categorize and store information and the presentation of data by the Bloomberg Tax Planner application. In these cases, we can only exclude the data element(s) from the export.

Because of these fundamental differences between our compliance data and Bloomberg Tax Planner planning data requirements, our export to the Bloomberg Tax Planner file is not all inclusive. The following charts detail the data exported by Thomson Reuters to the Bloomberg Tax Planner file.

Updates

Modifications of, additions to, and deletions of our data exported to the Bloomberg Tax Planner application for 1040 and 1120 may occur from time to time.

If so, the changes will be released with the regularly scheduled 1040 and 1120 application releases, and this document will be modified accordingly.

Known Limitations

1040 Unemployment compensation is tracked in GoSystem Tax as a total. When it imports into Bloomberg Tax Planner, the total is on the line for taxpayer.

1040 On the K-1, collectibles (28%) have the potential of doubling up. Please review the input.

1040 The greater the number of K-1 activities, the greater the difference between GoSystem Tax and Bloomberg Tax Planner. This generally has had to do with activities that are retired, unlocking of losses, and tracking of basis, at-risk, and passive losses differently.

Import/Export/bloomberg_1.htm/TY2021

Last Modified: 08/02/2021

Last System Build: 10/18/2022