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Screen OJCK1T - City Schedule K-1, Estates and Trusts (1040)

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Overview

Use this screen to calculate estate and trust income for the Ohio cities.

General Information

Information in this section is transferred from the federal screens on a unit-by-unit basis.
City code and name
The city code is automatically transferred from UltraTax/1040. Select the city code from the dropdown list. UltraTax CS automatically enters the city name.
Dates of operation in : From / To
If the taxpayer changed residences during the year and this activity wasn't in operation for the full year, enter the dates of operation. These dates are used to allocate income or loss among resident cities.

Income and Directly Allocable Deductions

Information in this section is transferred from federal screens on a unit-by-unit basis. Enter net operating loss carryover from a previous year in the specific city
General Information
 screen.
Ordinary business income / … / Amortization
Amounts are transferred from the Federal column of federal Screen K1T.
note
To allocate the income or loss across multiple nonresident Ohio cities use
Allocation by Amount
.

Taxes

Use this section to enter city taxes paid by pass-through entity on a distributive share.

Allocations

Use this section to allocate income and expenses to multiple cities.
The Schedule Y business allocation formula is available for nonresident city returns. Allocation applies to net profit or loss as shown, or allocation by amount if present.
Value of property / … / Gross receipts
Enter the city code and the city amounts for value of property, annual rent multiplied by 8, payroll, and receipts in the statement window attached to this field. Schedule Y allocations can be entered in this field for as many nonresident cities as necessary. The total of each allocation factor in this statement will need to equal 100 percent of the gross. Enter city code
NTC
 for allocations to non-taxing municipalities.
Allocation by amount
Use this statement window to allocate net income or loss related to this activity among multiple cities. These net amounts are reported on the line of the city return. Any information entered in the statement window replaces the federal income or loss. For part-year residents of one or more RITA cities, also complete
City of Residence (Part-Year only)
. Use a separate line item for each city where income was earned and the city of residence when it was earned. For example, if taxpayer earned income in six cities while living in two cities, use twelve line items of allocation.

City Specific Information

Use this section to enter city-specific information about this pass-through activity.

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