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Screen NYC - New York Business (1040)
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Overview
UltraTax CS automatically transfers information to this screen from federal Schedule C and the federal C screen. Use the NYC screen to enter adjustments to the federal amounts and/or to allocate business income into or out of New York State or Yonkers. State allocations transfer to the New York AGI Worksheet and to Form IT-203-A; city allocations transfer to Form Y-203. UltraTax CS automatically calculates at-risk and/or passive loss limitations. Enter these limitations, as needed, in the fields provided or force the amount for net self-employment income / (loss). The amount in the
Net self-employment income or loss
field adjusts by entries made in the Adjustments section.Profit or Loss
UltraTax CS transfers amounts in this section from federal Schedule C and the federal C screen. Use this section to verify and add to the information transferred from UltraTax/1040.
Unit
UltraTax CS uses this field to gather and coordinate information for this activity. This field transfers from the federal C screen and may be edited at the federal level only.
EIN / T, S, J / Business name
These fields transfer from the federal C screen. Entries may be edited at the federal level only.
State
This field transfers from the federal C screen. If the federal Multi-state Allocation spreadsheet is used to allocate all or a portion of an activity to New York, the
State
field populates with NY
.For detailed information on State, State and other state designation fields not exclusively associated with an address, see State fields in UltraTax/1040.
Principal business
This field transfers from the federal C screen and may be edited at the federal level only.
Address / City, state, zip code
These fields transfer from the federal C screen. Entries may be edited, if needed, in this screen.
City code
This field transfers from the federal C screen. Entries may be edited, if needed, in this screen.
If the federal Multi-state Allocation spreadsheet is used to allocate all or a portion of an activity to New York, and
NYC
or YON
is also entered in the City code
field in the spreadsheet, the City code
field populates with NYC
or YON
. City code YON
is used to designate the activity as subject to Yonkers nonresident earnings tax calculated on Form Y-203. NYC
, if entered in the City code
field in the federal C screen, is used to designate the activity as subject to Unincorporated Business Tax calculated on Form NYC-202. To attach Form NYC-202, select File
, Client Properties
, the New York
tab and mark the taxpayer or spouse UBT
checkbox in the Other returns group box.Net self-employment income or loss
This field transfers from federal Schedule C and may be edited, if needed, in this screen. If the
City code
field is YON
, the amount in this field isn't used in calculating Form Y-203. The amount is displayed for your information if you're allocating business income using property, payroll and gross income factors. You can enter this amount in the Amount to be allocated (Force)
field in the Nonresident State and City Information section of this screen when allocating via property, payroll, and gross income factors. If the activity income was allocated in the federal Multi-state Allocation spreadsheet and the federal allocation was determined from books and records, enter X
in the Determined from books
field, Yonkers column. The Yonkers Business Allocation Worksheet prints with Income determined from books and records and report the allocated federal amount.Adjustments
Use this section to adjust and/or limit the net self-employment income / loss amount transferred from UltraTax/1040 to this screen.
Nonresident state and city at-risk and passive losses, maximum loss allowed
Use this field to enter the maximum loss to be allowed for this activity if at-risk, basis, and passive activity loss calculations are suppressed with an
X
in the NYPAL screen Suppress instate or PAL results below from appearing on New York Post Allocation (AGI) Worksheet
field. If at-risk and Form IT-182 calculations are suppressed, UltraTax CS limits the loss to the amount entered.Wages and salaries not deducted at federal level due to credits claimed
If wages were excluded from federal expenses as a result of claiming various credits, enter the amount excluded in this field. For part-year and nonresident New York returns the subtraction appears on Form IT-203, Page 2, the New York State amount is multiplied by any allocation percentage entered in the federal Multi-state Allocation spreadsheet for New York. UltraTax CS subtracts the amount entered from the total amount of self-employment income reported on Form Y-203 if the activity isn't otherwise allocated for Yonkers. Reduce the
Amount to be allocated
field in the Yonkers column when allocating federally or at the state level. For New York State residents, UltraTax CS includes the amount in Other Subtractions reported on Forms IT-201, Page 2.Nonresident State and City Information
Use this section to allocate business income earned partly inside and partly outside the state and/or city. The allocation percentage defaults to 100% if no other information is provided.
Addresses for business carried on both in and out of the state or city
List the locations and descriptions of businesses conducted at locations both in and out of the state or city. Enter a city code of
YON
if the location of the business is in Yonkers. Entries in this statement window are reported on the Yonkers Business Allocation Worksheet or on Forms IT-203-A and/or Y-203.Determined from books
If the allocation of business income percentage is determined from the books of the business rather than statutory formula factors, enter
X
in these fields. Also enter the business income percentage in the state allocation spreadsheet available in the federal C screen.Statutory formula factors
Use these fields to enter amounts needed to calculate an allocation percentage for businesses conducting business both inside and outside of New York State or Yonkers. These fields are ignored if the
Determined from books
field is marked.Allocation percentage (Force)
Use this field to override the calculation of the business income allocation percentage. If the allocation percentage is being determined from the books, enter the percentage to be used in the calculation.
Amount to be allocated (Force)
Enter an amount in this field to allocate a portion of the calculated net income or loss from this activity. To exclude the income from this unit from appearing on Form IT-203, New York State source column, enter
0
(zero) in the Allocation percentage (Force)
field, New York State column. To exclude the income from this unit from appearing on Form Y-203, enter 0
(zero) in the Amount to be allocated (Force)
field, Yonkers column. Entries made in these fields do not affect the calculation of Form IT-360.1. The amount in this field transfers from the federal St CO screen if any allocation information was entered.Form IT-203 allocation of federal amount(s)
Use the statement window to allocate amounts reported elsewhere on the nonresident return using the allocation percentage calculated for this activity. These entries transfer to the New York Post Allocation Worksheet.