Triva isn't available right now.
Check out the support page for our phone number and hours
Screen INK1SP - Indiana Schedule IN K-1 for S Corporation or Partnership (1040)
Show all hidden content
Overview
Use this screen to enter information from Schedule IN K-1 (IT-20S/IT-65) for electronic filing purposes and for adjustments to report on Schedule 1/B or Schedule 2/C.
- Certain information on this screen is used for electronic filing but does not affect the calculations of the return. You are encouraged to complete as much data entry as possible in case the return is ever selected for review by the Indiana Department of Revenue. Providing the information may reduce the need for correspondence from the Department to the taxpayer or the preparer.
- Certain information from the State Modifications section of this screen is used directly in calculations Schedule 1/B (Add-backs) or Schedule 2/C (Deductions).
If datasharing from UltraTax/1120-IN or UltraTax/1065-IN, information transfers to this screen from Schedule IN K-1 of Form IT-20S or Form IT-65.
Identification and Withholding
If Schedule 5 or Schedule F includes state or county withholding from Schedule IN K-1 (IT20S/IT-65) entered via the federal
K1-4
screen, enter information from Schedule IN K-1, Part 1 in all fields with a plus (+
) in order to e-file Form IT-40 or Form IT-40PNR. Also enter the corresponding Indiana state and/or county withholding on this screen. Information in this section is used for the electronic record and doesn't affect calculations on Form IT-40, IT-40PNR, or supporting schedules.Name of S Corporation or Partnership +
This information is from the federal
K1
screen. Indiana Department of Revenue requires
you include this information in the electronic file to reconcile Schedule IN K-1 withholding if withholding claimed on Schedule 5 or F is attributable to this K1 entity.Federal identification number
This information is from the federal
K1
screen. Indiana strongly encourages
you to include this information in the electronic file to reconcile Schedule IN K-1 withholding if withholding claimed on Schedule 5 or F is attributable to this K1 entity.Shareholder / Partner SSN, Name
This field uses the information on the federal
1040
screen based on what you enter the T, S, J
field in the federal K1
screen. Indiana requires
you include this information in the electronic file to reconcile Schedule IN K-1 withholding if withholding claimed on Schedule 5 or F is attributable to this K1 entity.Payer's name
If using the data sharing feature, information transfers from Schedule IN K-1 of Form IT-20S or Form IT-65 return. Indiana
strongly encourages
you to include this information in the electronic record for purposes of reconciling Schedule IN K-1 withholding if withholding claimed on Schedule F or Schedule 5 is attributable to this K1 entity.Payer's federal ID
If using the data share feature, information transfers from Schedule IN K-1 of Form IT-20S or Form IT-65 return. Indiana
strongly encourages
you to include this information in the electronic record for purposes of reconciling Schedule IN K-1 withholding if withholding claimed on Sch 5 or Sch F is attributable to this K1 entity.Amount of distribution
If using the data sharing feature, information transfers from Schedule IN K-1 of Form IT-20S or Form IT-65 return. Indiana
requires
you to include this information in the electronic to reconcile Schedule IN K-1 withholding if withholding claimed on Schedule 5 or F is attributable to this K1 entity. Enter 0
(zero) if there's no distribution amount.Indiana Pass-through Entity Credit
The Indiana Pass-thru Entity Credit amount entered on federal
K1-4
screen or the related K-1 multi-state allocation spreadsheet is included on Schedule 5 or Schedule F in the line for state tax withheld. The amount entered at the federal level also transfers to this field. Because both state income tax withholding and the PTE refundable credit amount are reported in the line for state income tax withholding on Schedule 5 or Schedule F, the amount in this field is included in the electronic record for Schedule IN K-1 (IT-20S/IT-65) as part of the total amount reported for state income tax withholding. The amount in this field is necessary in order to reconcile the amount claimed on Schedule 5 or Schedule F when filing electronically. The amount in this field doesn't affect the calculation of Schedule 5 or Schedule F.Indiana state tax withheld
Indiana state withholding entered on federal
K1-4
screen or the related K-1 multi-state allocation spreadsheet is included on Schedule 5 or Schedule F in the line for state tax withheld. The amount entered at the federal level also transfers to this field to be used in the electronic record for Schedule IN K-1 (IT-20S/IT-65) in order to reconcile the amount for withholding claimed on Schedule 5 or Schedule F when filing electronically. The amount in this field doesn't affect the calculation of state withholding reported on Schedule 5 or Schedule F.Indiana county tax withheld
Indiana county withholding entered on federal
K1-4
screen or the related K-1 multi-state allocation spreadsheet is included on Schedule 5 or Schedule F in the line for county tax withheld. The amount entered at the federal level also transfers to this field to be used in the electronic record for Schedule IN K-1 (IT-20S/IT-65) in order to reconcile the amount for withholding claimed on Schedule 5 or Schedule F when filing electronically. The amount in this field doesn't affect the calculation of county withholding reported on Schedule 5 or Schedule F.Pass-Through Credits
Enter information from Schedule IN K-1, Part 2 return. If the taxpayer has pass-through credits from Schedule IN K-1 (IT-20S/IT-65), the Indiana Department of Revenue advises that providing information from Part 2 (Pass-Through Credits) can lead to reduced correspondence and faster processing times. Information in this section isn't used to calculate the return.
Distributive Share
Enter information from Schedule IN K-1, Part 3. If the taxpayer has income from Schedule IN K-1 (IT-20S/IT-65), the Indiana Department of Revenue advises that providing information from Part 3 (Distributive Share Amount) can lead to reduced correspondence and faster processing times. Information in this section isn't used to calculate the return.
State Modifications
Enter information from Schedule IN K-1, Part 4. If the taxpayer has state modifications to income attributable to Schedule IN K-1 (IT-20S/IT-65), the Indiana Department of Revenue advises that providing information from Part 4 (State Modifications) can lead to reduced correspondence and faster processing times. Information in this section isn't used to calculate the return.
Addbacks and Deductions that have an asterisk (
*
) as part of the description in the field view associated with the Code
field are automatically included on Schedule 1/B (Add-backs) or Schedule 2/C (Deductions).