Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen K1-6 - Schedule K-1, 1065/1120S - Other, Unreimbursed Ptr Expense (1040)

Interest, dividends, royalties, portfolio short- and long-term capital gains, and other portfolio income are treated as investment income. Enter positive or negative amounts to adjust the Form 4952 gross income from property held for investment. The amount will appear on the Investment Income Worksheet as an adjustment.
Investment expenses entered in this field transfer to the Form Investment Interest Expense Wrk 2.
Use the
State, if different
 field to enter state amounts if they are different from the federal amounts. For more information, use F1 from within a state input screen for the appropriate state application to view the help, and refer to the Processing multiple-state returns article.
Use the
State, if different
 field to enter state amounts if they are different from the federal amounts. For more information, use F1 from within a state input screen for the state application to view the help, and refer to the Processing multiple-state returns article.
Enter the information required to complete Form 4797, Part IV, Recapture Amounts Under Section 280F(b)(2) When Business Use Drops to 50% or Less. The recapture amount is reported as other income on Schedule E, Part II.
Enter the information required to complete Form 4797, Part IV, Recapture Amounts Under Section 280F(b)(2) When Business Use Drops to 50% or Less. The recapture amount is reported as other income on Schedule E, Part II. If the assets are entered in asset detail, enter an amount to override the calculated amounts.
If you're not using the UltraTax/Oil & Gas module, enter depletion here. This amount is deducted from ordinary income on Schedule E, Page 2 unless you've marked the
Include depletion on Schedule E, page 1 (royalties)
 field in the K1-6 screen.
If you're using the UltraTax/Oil & Gas module, this field will override the depletion calculated in the module. AMT preferences aren't calculated from entries in this field. If you use the UltraTax/Oil & Gas module, the depletion is limited and the preference is calculated.
Property basis entered here limits current year depletion on the basis worksheet.
Enter
X
 here to include the amounts in the
Depletion
 field on Schedule E, Page 1 instead of Page 2, and also enter amounts in the
Royalties
 field on the K1-2 screen for the amounts to transfer to Schedule E, Page 1.
In the statement attached to this field, enter unreimbursed ordinary and necessary partnership expenses paid on behalf of the partnership covered in the partnership agreement. Enter amounts that are deductible as itemized deductions in the correct field in the A screen in the Itemized Deductions folder. If the activity is nonpassive or passive and Form 8582 isn't required to be filed, the amount of unreimbursed will be reported as UPE (unreimbursed partnership expenses) on a separate line of Schedule E, Part II. The following items are incorporated on the UPE line of Schedule E, Part II.
  • The amount from the
    Unreimbursed partner expenses
     field in the K1-6 screen
  • The amount of auto expenses from the Auto Worksheet
  • Depreciation from the 4562 screen or the asset module
  • The amount of home office expenses from the Business Use of Your Home Worksheet
  • The amount of business expenses from the Supplemental Business Expenses (SBE) Worksheet.
If the taxpayer uses the same house on multiple 8829 screens, enter
X
 in this field to suppress the transfer of interest and taxes to Schedule A, and enter the allowable home mortgage interest in the A screen.
The taxpayer can claim business use of the home for 2 separate offices in the same tax year. Use these fields to enter the force amount of net income that applies to each home office. Form 8829 uses these amounts to calculate the limitation of expenses, Expenses for Business Use of Your Home, or Simplified Home Office worksheet.

Business Interest Expense

Information in this section is used to complete Form 8990 – Limitation on Business Interest Expense, Page 3, Schedule A – Summary of Partner’s Section 163(j) Excess Items and Schedule B – Summary of S Corporation Shareholder’s Excess Taxable Income and Excess Business Interest Income.
UltraTax CS proformas the amount of carryover calculated on the prior year Form 8990, Schedule A – Summary of Partner’s Section 163(j) Excess Items. Enter an amount here when the application wasn't used in the prior year.
Enter the amount from the Form 1065 Schedule K-1. UltraTax CS determines the amount of business interest deduction before other limitations by taking the lesser of excess business interest expense or the sum of excess taxable income and excess business interest income. The application transfers over the amount of business interest not expensed in the current year.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close