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Screen SBasis3 - Shareholder Basis Carryovers (1040)
Show all hidden content
State allocation
To access the State allocation spreadsheet, verify that the following conditions are present in the client then select
Allocation
in this screen.- The client has at least 1 state return.
- You're viewingClient Organizerdata entry or input screen data entry.
- For thePBasis1,PBasis2,SBasis1,SBasis2, andSBasis3screens, theName of entityfield has data.
- Only AL, AR, CA, HI, KY, MA, OR, and WI, and part-year resident and nonresident statuses for NY and CT use state allocation amounts from thePBasis1,PBasis2,SBasis1,SBasis2, andSBasis3screens. AMT-relatedState, if differentfields apply to CA.
You can use 2 allocation methods (percentage or amount) to allocate federal amounts to the states in the State allocation spreadsheet.
note
Amount fields relevant to 1 state may not be relevant to another state. Those amount fields that don't apply to a particular state have been disabled (shaded). Amount fields that aren't shaded are considered enabled for the state.
- Percentage:Enter a percentage in XXX.XX format in the 1st field available in the State allocation spreadsheet. Select the state to which this percentage applies from the dropdown. SelectApply. The amounts attributable to that state calculate automatically and display in the spreadsheet. For easy reference, the percentage for that state displays following the state name. If enabled, you can change (replace) individual item amounts on the spreadsheet from the calculated amount. Carryover amounts aren't allocated by percent.
- Amount:When a percentage of the federal amounts doesn't apply, you can enter individual item amounts (if enabled) in the spreadsheet for the state. Zero (0) is a valid entry and will prevent the state amount from defaulting to the federal calculated amount. If you leave an individual item amount field blank, the federal amount, if present, is used in the state's calculation.
note
- Unlike income allocations, basis amounts apply to all residency statuses for AL, AR, CA, HI, KY, MA, MT, OR, and WI, and part-year resident and nonresident statuses for NY and CT.
- Percentage allocation is only available in the State allocation spreadsheet. If state amounts are different, enter them in theState, if differentfields.
You can print the State allocation spreadsheet in a report format for future reference. Select
Print
or Preview
in the spreadsheet. If licensed, you can also print to FileCabinet CS.Shareholder Basis Carryovers
Enter the losses disallowed in a prior year due to shareholder basis limitations. Data entered is reported on the Shareholder's Basis Worksheet, Page 3. The worksheet calculates the total loss (prior year plus current year), the allowed loss, and the disallowed loss carried forward to next year.
note
Enter losses as positive amounts.
Regular State, if different
Enter state amounts if different from the federal amounts.
note
- The State allocation spreadsheet is available only when the client has at least 1 state return.
- TheState, if differentfields for thePBasis1,PBasis2,SBasis1,SBasis2, andSBasis3screens are only relevant to the following states: Alabama, Arkansas, California, Hawaii, Kentucky, Massachusetts, New York, Oregon, and Wisconsin. Other state returns for the client will display in the State allocation spreadsheet, but the amount fields aren't enabled for data entry. AMT-relatedState, if differentfields apply to California.
For more information, access the input screen help for the state application.
AMT State, if different
Enter the California AMT amounts if different from the AMT federal amounts.
note
- The State allocation spreadsheet is available only when the client has at least 1 state return.
- TheState, if differentfields for thePBasis1,PBasis2,SBasis1,SBasis2, andSBasis3screens are only relevant to the following states: Alabama, Arkansas, California, Connecticut, Hawaii, Kentucky, Massachusetts, New York, and Wisconsin. Other state returns for the client display in the State allocation spreadsheet, but the amount fields aren't enabled for data entry. AMT-relatedState, if differentfields apply to California.
For more information, access the input screen help for the state application.