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Screen MSK1 - Mississippi Schedule K-1, Partnership and S Corporation (1040)
Show all hidden content
Overview
The
MSK1
screen is a condensed version of the federal K1
screen. The information that appears in this screen is automatically transferred from UltraTax/1040. Amounts in this section are used to calculate Forms MS 80-161, 80-108, and 80-105/205.General Information
Qualifies for Section 1202 exclusion
When data is entered in
State, if different
in the federal K1
screen, X
is automatically entered in this field. When this field is marked, data on all MSK1S1
screens related to this activity are ignored. All relevant gain information will need to be entered in the ARK1
screen.Exclude Schedule K-1 pass-through sales from Form 4797
When data is entered in the
State, if different
fields in the federal K1
screen, X
is automatically entered in this field.When this field is marked, data in all
MSK1S1
screens related to this activity are ignored. All relevant gain (loss) information, including amounts from pass-through sales, will need to be entered in the MSK1
screen.Credit for Tax Paid by Electing PTE
Amount of tax paid
Mississippi-based partnerships and S corporations can elect to pay state taxes on behalf of the individual partner or shareholder attributable to income from the pass-through entity. The amount on the federal
K1-4
screen, in Pass-through entity taxes (State return only)
, transfers to Amount of tax paid
on the MSK1
screen.All electing pass-through entities' taxable income and amount of tax paid from the
MSK1
screen are reported on form 80-161. The accumulated amount of tax paid is claimed as the non-refundable Credit for tax paid on an electing Pass-Through Entity Tax Return on form 80-105/205.Supporting documentation is required to be included with the Mississippi return when claiming this credit. When filing electronically, go to
Edit
, then Electronic Filing Attachments...
, and select MS K-1
from the predefined attachment titles. Go to to the location of your file to attach it.Pass-Through Entity Taxable Income
Information in this section is used to calculate pass-through entity taxable income for forms 80-108 and 80-161.
Federal Form K-1
column values transfer from the Federal column on federal K1 screens; MS Form 84-132
column values come from the State, if different
column on federal K-1 screens.Ordinary business income (loss) / ... / Section 179 deduction
These values transfer from federal screens K1-2 and K1-3.
Total guaranteed payments
is the sum of payments for services and capital on federal screen K1-2.Other deductions
This value often contains amounts already claimed elsewhere (e.g. federal Schedule A). Federal values are automatically processed for form 1040 and MS users can use this field to manually enter state-specific deductions not claimed elsewhere.
Taxable income, form 80-108 Part IV, Sec B
These fields are calculated from values in the columns above. If necessary, the user can override transferred income/loss values as needed and run Print Preview to recalculate the
Taxable income
amounts. For residents, when the Federal
amount differs from Everywhere
, the system uses the Everywhere
value.For part-year and non-resident returns, if the
MS InState
value differs from Federal
, the federal amount is used to populate column A of the MS 80-205 and MS 80-108, while column B of the MS 80-205 uses the MS InState
amount. If there are no differences, UltraTax CS completes both columns of the MS 80-205 using Federal amounts.Royalties are excluded from this calculation because they are reported separately on form 80-108 Part IV, section A.
Taxable income, form 80-161
These fields are calculated from values in the columns above. If necessary, the user can override transferred income/loss values as needed and run Print Preview to recalculate the
Taxable income
amounts. For residents, when the Federal
amount differs from Everywhere
, the system uses the Everywhere
value. For part-year and non-resident returns, if the
MS InState
value differs from Federal
, the federal amount is used to populate the column A of the MS 80-205 and MS 80-108, while column B of the MS 80-205 uses the MS InState
amount. If there are no differences, UltraTax CS completes both columns of the MS 80-205 using Federal amounts.Royalties are included in this calculation.