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Screen PAK1-2 - Pennsylvania Schedule K1, Page 2 (1040)
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Overview
Use this screen to complete Schedule PA RK-1, Resident Schedule of PA S Shareholder / Partner Pass-Through Income, Loss and Credits; and RK-1 / PA-20S. These forms are required to be in UltraTax CS when filing a return electronically.
note
Add or delete units for this screen in the corresponding federal screen instead.
Partnership and S corporation Information
Estimated tax withholding
Enter this amount in the federal K1-4 screen,
State income tax withheld ()
field. For resident and part-year returns, UltraTax CS includes this amount on the Total PA Tax Withheld line on Form PA-40, Page 2. For nonresident returns, UltraTax CS includes this amount on the Nonresident Tax Withheld from your PA Schedule NRK-1 line on Form PA-40, Page 2.Partnership
Distributions in excess of partner’s capital
The amount entered in this field is reported as taxable distributions from partnerships on Schedule D. Any federal taxable distributions in excess of basis won't automatically transfer to the PA return. Enter any taxable distribution in excess of basis calculated for PA purposes in this field.
S corporation
Distribution from Pennsylvania AAA / Ownership basis
UltraTax CS calculates the taxable distributions for Schedule D by taking the Distribution from Pennsylvania AAA less the Ownership basis.
Dividend distributions
If the
Non Pennsylvania S corporation
field in the PAK1 screen is marked, the amount from this field calculates as a dividend. Don't report the amount of your distributable income in this field. Include only cash or property that you actually received out of the corporation’s earnings and profits in this field. If you received distributions in excess of the corporation’s earnings and profits, report those distributions on PA Schedule D.Income
Estate and trust income
The amount in this field calculates on Form PA-40 Schedule JT, Taxable Income from Estates and Trusts / Gambling and Lottery Winnings.
Credits
Enter information in this section to complete either Schedule PA RK-1 or PA NRK-1 for partnerships or S Corporations. An amount entered in this section automatically causes a joint return to change to separate returns.