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Common questions about Texas Miscellaneous Form 05-167 in Lacerte

by Lacerte Tax 2023 Updated 3 months ago

The following articles are some top questions referring to Texas Miscellaneous 05-167. Other common questions can be found below.

Table of contents:

How to exclude a Partner/Officer/Shareholder from TX Franchise Report for form 05-167

To exclude a Partner in Partnership from Form 05-167:

  1. Click the Detail tab.
  2. Navigate to Screen 32 - Partners Miscellaneous.
  3. Select the Partner you want to exclude from left navigation panel.
  4. Scroll down to the Texas Information section.
  5. Mark the checkbox, "Exclude Partner [O]" (code 620).

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To exclude an Officer in a Corporation from Form 05-167:

  1. Click the Detail tab.
  2. Navigate to Screen 2 - Officer Information. 
  3. Select the Officer you want to exclude from left navigation panel.
  4. Scroll down to the Texas Information section.
  5. Mark the checkbox Do not include in Information Report.

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To exclude a Shareholder in an S-Corporation from Form 05-167:

  1. Click the Detail tab
  2. Navigate to Screen 36 - Schedule K-1 Miscellaneous Info. 
  3. Select the Shareholder you want to exclude from left navigation panel.
  4. Scroll down to the Texas Information section.
  5. Mark the checkbox, "Exclude Partner from report" (code 104).

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The Texas Form 05-167 Texas Franchise Tax Ownership Information Report does not print the social security number for a partner listed in Screen 7, Partner Information

According to the Texas Form Instruction booklet: “If there is no FEI number for the owner(s), please leave the field blank.  (Do not enter any social security numbers.)” 

For a partner that is any entity other than an Individual, the identification number will print in the FEI Number field. 

To change the partner’s entity type in Screen 7, Partner Information, go to the Miscellaneous Info section and click the down arrow next to the field Type of Entity. Select one of the entity types listed.

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S-Corporation Texas Franchise 05-167 is printing SSN under FEI number. How can this be suppressed?

S-Corporations should file the 05-102, Texas Franchise Public Information Report instead of the 05-167, Texas Franchise Tax Ownership Report. If the preparer wishes to generate the 05-167 instead of the 05-167, the preparer may suppress the Social Security Number in Screen 36, Schedule K-1 Miscelleaneous by checking Exclude FEI number (code 103). This must be done for each shareholder.

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Partners are not printing on the TX Franchise Tax form 05-167

The partner has to be a general partner or a 10% or more partner.

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Lacerte Tax

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