Data Import Template: 1040 PFIC Template

Click here for the link to the Data Import Templates ZIP file.

The PFIC Template import feature can populate many of the fields on the 1040 PFIC input screens. This template is exclusively used for the 1040 tax application.

The three components of PFIC importing are:

PFIC_Template.xlsm

The PFIC_Template.xlsm contains the data to be imported into the Organizer. This file is referred to as the Data Import Template and is provided by Thomson Reuters. Data is populated in the Excel files using the Data Import Template as the starting point.

Required Fields for Import

  • TR_Setup tab
    • Firm ID
    • Account ID
    • Year
    • Tax Type
    • Locator
  • TR_1040_PFIC_Detail tab
    • PFIC/QEF Name
    • Ownership
  • TR_1040_PFIC_Group_Detail tab
    • PFIC/QEF Name (only required if group detail will be imported)
    • Ownership
  • TR_1040_PFIC_Group2_Detail tab
    • PFIC/QEF Name (only required if group detail will be imported)
    • Ownership

Drop-down Listings

If you have macros enabled, the spreadsheet will have a pop-up dialog when a field is selected that contains a fixed value. The selection will provide a description and, when selected, will write the correct value needed for the tax application to the field.

If you choose not to use the macros in the template, the details for the values needed are available on the TR_1040_PFIC_Strings tab.

If improper values are entered, then unexpected results can occur.

Navigation for Fields in the PFIC Template

  • Organizer > Foreign Information > Return by Shareholder of PFIC or QEF > Add New

Tabs on the PFIC Template

Tab 1: TR_Setup

The TR_Setup tab contains header information. These fields are fixed and not variable. The firm ID, account ID, and locator number allow Thomson Reuters to match the PFIC Template to your firm’s account. If any of these three contain alpha characters, they must be capitalized. Only the 1040 tax application is available for this import. The tax year begins with 2017 and forward.

If you choose not to enable the macros, you must make sure the column heading is correct for the option you are using.

Tab 2: TR_1040_PFIC_Detail

The TR_1040_PFIC_Detail tab is where the actual data to import is located. There can be multiple rows of data. However, the first and second rows are fixed. The import will use the column descriptions to know where to import the data.

The first two columns must remain in their current location. The remaining columns can be moved or deleted to fit your needs. The combination of items in the first two columns must be unique. This means that the same name and ownership can exist only one time.

Subsequent rows will import into a single locator (locator number entered on the TR_Setup tab). Each row will consist of a separate PFIC to be imported into the program.

PFIC data in the return will be deleted prior to import. If you have data in the return you wish to save, please do an export first for the PFIC detail.

Tab 3: TR_1040_PFIC_Group_Detail

The TR_1040_PFIC_Group_Detail tab is similar to the previous tab. This is where you would input data for group data fields. The first two columns and the first two rows are fixed. You can also import multiple rows of data. Again, the items in the first two columns should be unique.

PFIC data in the return will be deleted prior to import. If you have data in the return you wish to save, please do an export first for the PFIC detail.

Tab 4: TR_1040_PFIC_Group2_Detail

The TR_1040_PFIC_Group2_Detail tab is similar to the previous tab. This is where you would input data for group data fields. The first two columns and the first two rows are fixed. You can also import multiple rows of data. Please note that there can be rolled over amounts on this tab. The rolled over amounts are for prior year §1291 distributions.

In the tax return, navigating to the data is down one node. This is where there is a second Add New.

PFIC data in the return will be deleted prior to import. If you have data in the return you wish to save, please do an export first for the PFIC detail.

What is Available to Import?

See the tabs TR_1040_PFIC_Map, TR_1040_PFIC_Group_Map, and TR_1040_PFIC_Group2_Map in the template file for details on the column heading name to be used:

  • XrefName
  • Order to Process This Group
  • TypeDesc (type of data for the field)
  • field length that can be imported.

To see what column heading will transfer to which field in the application:

  1. Open the Organizer screen you wish to access.
  2. Then use right mouse click on the field, select Field Info, and use the detail on the screen.

 

 

 

Import/Export/data_import_template_pfic.htm/TY2021

Last Modified: 03/20/2020

Last System Build: 10/18/2022

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