Triva isn't available right now.
Check out the support page for our phone number and hours
Screen NYK1 - New York Schedule K-1, Partnership, and S Corporation (1040)
Show all hidden content
Overview
UltraTax CS automatically transfers information to this screen from the federal K1 screen. Use the NYK1 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 Post Allocation Worksheet and to Form IT-203-A; city allocations transfer to Form Y-203. UltraTax CS automatically calculates basis, at-risk and/or passive loss limitations. Enter these limitations, as needed, in the fields provided or force the amount for the
Net earnings or loss from self-employment
field. The amount in the Net earnings or loss from self-employment
field adjusts by entries made in the Adjustments, Credits and Taxes section.Profit or Loss
UltraTax CS automatically transfers amounts in this section from the federal K1 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 K1 screen and may be edited at the federal level only.
EIN / T, S, J / Name of entity
These fields transfer from the federal K1 screen and may be edited at the federal level only.
State
This field transfers from the federal K1 screen and may be edited at the federal level only. 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
and other state designation fields not exclusively associated with an address, see State fields in UltraTax/1040.Address / City, state, zip code
Enter address information to complete Form Y-203.
Activity
An entry in this field is used to complete the
Principal business activity
field in Form Y-203.Type
This field transfers from the federal K1 screen and may be edited, if needed, in this screen.
City code
This field transfers from the federal K1 screen and 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
YON
is also entered in the City code
field in the spreadsheet, the City code
field populates with YON
. City code YON
is used to designate the activity as subject to Yonkers nonresident earnings tax calculated on Form Y-203.Net earnings or loss from self-employment
This field transfers from the federal K1-4 screen
Net earnings (loss) from self-employment
field. The amount 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. This amount can be entered 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.At-risk or 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 in the NYPAL screen with an
X
in the Suppress instate or PAL results below from appearing on New York Post Allocation (AGI) Worksheet
field. Partner and Shareholder basis, at-risk, and Form IT-182 passive activity loss calculations are suppressed. UltraTax CS limits the loss to the amount entered.Adjustments, Credits and Taxes
Use this section to enter additions, subtractions and other amounts related to the K1 unit. Adjustments from other UltraTax CS products that have been data shared to the federal 1040 K1 appears in the Other Additions and Other Subtractions statement window from New York resident and nonresident NYK1s.
Other additions
Enter other addition amounts derived from this activity in the statement window attached to this field. Your entries are added to the Other Additions line of Forms IT-201 and IT-203. Franchise fees and other additions for partners and shareholders for whom you prepared and data-shared amounts are added to New York income automatically. If any New York data differs from the shared data, delete the data or enter the state data in the appropriate column. The new data displays in black and subsequent federal to state transfers don't overwrite this data. For more information, see Statements overview. Manual entry is required for K1 data that hasn't been data shared from UltraTax/1065 or UltraTax/1120.
Other subtractions
Enter other subtraction amounts derived from this activity in the statement window attached to this field. These entries are added to the Other Subtractions line of Forms IT-201 and IT-203. Other subtractions for partners and shareholders for whom you prepared and data shared amounts are subtracted from New York income automatically. If any New York data differs from the shared data, delete the data or enter the state data in the appropriate column. The new data displays in black and subsequent federal to state transfers don't overwrite this data. For more information, see Statements overview. Manual entry is required for K1 data that hasn't been data shared from UltraTax/1065 or UltraTax/1120.
Pass-through entity tax credit - NYS
Use this statement window to complete Form IT-653, Pass-through entity tax credit and corresponding IT-225 New York state modifications. Note NYS pass through entity addition uses code
A-219
.Pass-through entity tax credit - NYC
Use this statement window to complete Form IT-653, Pass-through entity tax credit and corresponding IT-225 New York state modifications. Note NYC pass through entity addition uses code
A-222
.Wages from federal credits
If wages were excluded from federal expenses as a result of claiming various credits, enter the amount excluded in this field. UltraTax CS subtracts the amount from the total amount of self-employment income reported on Form Y-203.
Itemized deduction additions / subtractions
Use these fields to enter any pass-through adjustments to itemized deductions reported on New York Forms K-1.
Manufacturing and production credit / ... / Tax on early dispositions
Use these fields to enter any pass-through credits and taxes reported on New York K-1 forms. The entries in these fields are used to complete Form IT-212.
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. This section is also used to report amounts allocated by a partnership or S Corporation to a nonresident partner or shareholder on their K-1, if they're different from the federal amounts. Your entries transfer to the New York AGI Worksheet. Amounts in these fields transfer from the K1 allocation spreadsheet if amounts are entered for a New York part-year or nonresident shareholder.
Addresses for businesses carried on both in and out of the state or city
List the locations and descriptions for businesses both in and out of the state and/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 K1 screen. If the Determined from books
field has X
entered, these fields are ignored.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.
Allocation percentage (Force)
Use this field to override the UltraTax CS calculation of the business income allocation percentage or, if the allocation percentage is being determined from the books, 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 Amount to be allocated (Force)
field, New York State
column. To exclude the income from this unit from appearing on Form Y-203, enter 0
(zero) in the Form IT-203 allocation of federal amount(s)
field, New York State column. Entries made in these fields don't affect the calculation of Form IT-360.1.For part-year and nonresident returns, the New York source S-23 adjustment is allocated based on federal, state, or forced allocation percentage on a unit-by-unit basis.
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.
Nonresident allocation - guaranteed payments / ... / Nonresident allocation - other income deductions
Similar to the
At-risk and passive losses, maximum loss allowed
field, these fields are only used if basis, at-risk, and Form IT-182 calculations are suppressed.