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Screen KYLXGen - Lexington General Information (1040)

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Overview

Information entered in this screen is used to calculate Form 228, Lexington-Fayette Net Profits License Fee Return; and/or Form 228-S, Board of Education of Fayette County Net Profits Occupational License Tax Return. This input screen is a multiple unit screen. If additional returns are needed for different account numbers, select the
down arrow
 and select
Add Unit
.
Federal-to-state input screen and asset module data transfer
If information is transferred from federal input screens or from the asset module to a state input screen, the application shows the transferred data in blue, for example: Field showing transferred data.
If necessary, you can overrule the transferred amount by entering the amount in the field. The application then shows the new amount in black.
note
  • When you overrule a transferred amount, the application doesn't replace that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and select
    Delete overrule
    , or simply enter the original amount in the field.
  • To verify the accuracy of the overruled amount, right-click the field and select
    Acknowledge overruled data
    . The application then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • You can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the
    Diagnostics
     window.
Statements
Many data entry fields provide predefined statements in which you can enter additional information.
Accessing frequently asked questions
To view answers to common questions about calculations and data entry issues, select
Help
,
Additional Resources
, then
Frequently Asked Questions
.

General Information

Business name
Enter the business name assigned to this account number. This entry is used on both Forms 228 and 228-S. If nothing is entered in this field, UltraTax CS uses the data from the Principle business or profession field on the first Schedule C, E, F, or 4835 to which an account number is assigned by the user.
Lexington account number
UltraTax/1040-KY displays the account number entered in any of the
KYC Info
 screens for Lexington-Fayette. UltraTax CS generates a separate Form 228 and/or Form 228-S for each distinct account number.
Forms needed
Enter
1
 to generate Form 228,
2
 to generate Form 228-S, and
3
 to generate both returns. If this field is blank, UltraTax CS defaults to both returns.
Calculate a return for rental properties
UltraTax CS automatically calculates the Lexington-Fayette Urban County Government Net Profits License Fee Return when the aggregate of the gross rental receipts fields on the
CRent
 screen and the C4835 are equal to or more than $50,000 and there is a account number on the screen.
If other entities qualify as rental income and the gross rental receipts will total $50,000, mark this box. All rental income will create a return.

Business Information

Use the first of these two sections to complete the Questions section of Form 228 and similar fields on Form 228-S. The second section gets information only required by Form 228-S.

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