Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen K1T - 1041 Pass-Through General, Income, Deductions, Final Year

Overview

Use this screen to enter Form 1041, Schedule K-1 data.

General Information

Corpus
Enter the portion of income or loss from this activity that is allocated to corpus rather than income.
State
Enter the state postal code so that the activity’s income is state source. If you leave this field blank, the activity’s income is not state source.
Include oil and gas module depletion expense with nonpassive income
Mark this field to indicate that UltraTax CS should treat depletion entered in this activity as nonpassive on Schedule E. If this field is left blank depletion is considered to be passive.
Disposition of activity
Enter
1
 to delete this activity on next year's return. If this is a passive activity, it will also release all suspended losses.
If you enter
2
 UltraTax CS will not include this if it is a passive activity selling on an installment basis. This option treats the activity in the following ways:
  • A passive activity with passive loss carryovers is not deleted in the next year's return.
  • Losses are allowed based on the ratio of current-year gain recognized divided by the beginning of current-year unrecognized gain.
  • A passive activity with no passive carryovers on the screens that relate to an activity do not display in the next year's return.
  • The related Screens Sale or InstPY display on next year's Screen InstPY.

Income and Deductions

Allocation
The allocation spreadsheet is only available to returns that have at least one state return selected. Using the allocation spreadsheet you can allocate income and deductions using two methods, percentage or amount.
  • Percentage:
    • Enter a percentage in the
      Apply
       field.
    • Select a state.
    • Click the apply button.
    • The amounts are automatically calculated and entered in the spreadsheet for all income and deductions.
  • Amount:
    When a general percentage doesn't apply enter amounts for specific items in the allocation spreadsheet. If left blank the total federal amount is used for state calculations.
You can also import allocation information from excel using the Excel Export / Import utility for multi-state allocation information.
Interest Income
Enter interest income included on Form 1041, Schedule K-1, Box 1. Use the statement to enter multiple payers or to classify interest income. The following table describes the columns available.
F/S
Use this field only if you are preparing multiple-state tax returns. For multiple-state tax returns, make duplicate line entries of an interest item for each state as necessary, with a different postal code for each entry. In the
F/S
 field, enter
S
 for all but one of the duplicate line entries. The federal product disregards entries coded S. Enter
F
 in the
F/S
 field if the item is only applicable to the federal return.
Type Code
Enter a code to identify interest income that is an adjustment to an interest amount (such as nominee or accrued interest).If an item of interest income requires an adjustment, enter the total amount received on one line, then enter the adjustment amount on a separate line in the same column with type code
3
,
4
,
5
, or
6
. Enter the adjustment as a positive amount.
Payer
Use this field to enter the payer's name.
Taxable Interest
Use this field to enter taxable interest income and adjustments to interest. Don't enter tax-exempt interest in this field. For state income, the amount you enter in this field may be affected by the
US Govt Oblig ($ or %)
 field; see the details on that field for more.
Total Tax Exempt
Use this field to enter the amount of tax-exempt interest, including interest income attributable to private activity bonds issued after 8/7/86. Don't include any tax-exempt interest in the
Taxable interest
 field. For state returns, the amount you enter in this field may be affected by the
InState Muni ($ or %)
 field; see the details on that field for more.
Private Act Bond Portion
Enter interest income attributable to private activity bonds issued after 8/7/86. Amounts entered in this field are used only for Schedule I calculations.
US Govt Oblig ($ or %)
If any portion of
Taxable Interest
 is attributable to U.S. government obligations and nontaxable to the state, enter the nontaxable amount in this field. If you enter a percentage, the nontaxable amount calculates by applying the percentage to the amount you entered in the
Taxable Interest
 field. Do not use the
F/S
 field for U.S. government obligations.
InState Muni ($ or %)
If any portion of tax exempt interest is also nontaxable to the state, enter the nontaxable amount in this field. If you enter a percentage, the nontaxable amount calculates by applying the percentage to the amount you entered in the
Total Tax Exempt
 field. The difference between the amount you enter in the
Total Tax Exempt
 field and this field will calculate as taxable interest on the state return you indicate in the
Postal code
 field.
InState Source ($ or %)
For part-year and nonresident state return calculations, use this field to enter the portion of
Taxable Interest
 that is sourced and taxable to the state you enter in the
Postal code
 field. Taxable interest will not be allocated to the state if you leave this field or the
Postal code
 field blank.
Postal code
If you've entered anything in the
US Govt Oblig ($ or %)
,
InState Muni ($ or %)
, or
InState Source ($ or %)
 field, enter the state that the related field applies to. Otherwise, amounts won't transfer to the state return.
State use
The codes available in this field are specific to the state you enter in the
Postal code
 field. Enter a code, if applicable, to indicate special treatment on the state return.
Do Not Proforma
Enter
X
 if you don't want this line item to proforma to next year.
Dividends
Enter dividend information included on Form 1041, Schedule K-1, Box 2. Use the statement to enter multiple payers and to classify the income. The following table describes the columns available.
F/S
Use this field only if you are processing multiple-state tax returns. For multiple-state tax returns, make duplicate line entries of a dividend item for each state as necessary, with a different postal code for each entry. In the
F/S
 field, enter
S
 for all but one of the duplicate line entries. The federal product disregards entries coded S. Enter
F
 in the
F/S
 field if the item is only applicable to the federal return.
Type Code
Enter a code to indicate that the income item is a nominee adjustment amount.
If an item of dividend income requires a nominee adjustment, enter the total amount received on one line, then enter the nominee amount on a separate line in the same column with type code
3
. Enter the nominee adjustment as a positive amount.
Payer
Use this field to enter the payer's name.
Total Dividends
Enter ordinary dividend amounts from Forms 1041, Schedule K-1. Do
not
 enter tax-exempt dividends in this field.
Qual Div Portion
Enter the amount of dividends that qualify for long-term capital gain rates. Enter the entire ordinary dividend amount, including qualified dividends, in the
Total Dividends
 field. Do
not
 enter tax-exempt dividends in this field.
Total Cap Gain Dist
Enter total capital gain distribution amounts from Form 1099-DIV or similar statements to complete Schedule D, line 13, column (h).
1250 Portion
Enter unrecaptured section 1250 capital gain distribution amounts from Form 1099-DIV or similar statements.
1202 Portion
Section 1202 gains reported in Form 1099-DIV, box 2d may or may not qualify for the exclusion depending on the shareholder's holding period. Enter 100 percent of section 1202 gains from Form 1099-DIV and if they qualify for the exclusion, enter a code in the
1202 Code
 field.
1202 Code
Use this field to distinguish whether the 1202 gain qualifies for the 50-percent, 60-percent, 75-percent, or 100-percent exclusion. Leave this field blank if the gain does not qualify for the exclusion.
28% Portion
Enter 28-percent capital gain distribution amounts from Form 1099-DIV or similar statements. UltraTax CS prints this information on the Schedule D 28% Rate Gain Worksheet.
Total Tax Exempt
Enter total tax-exempt dividend amounts, including dividend income attributable to private activity bonds issued after 8/7/86. Do
not
 enter tax-exempt dividends in the
Total Dividends
 or
Qual Div Portion
 fields.
Private Act Bond Portion
Enter dividend income attributable to private activity bonds issued after 8/7/86. Amounts entered in this field are used only for Schedule I calculations. You must also enter the amount in the
Tax Exempt
 field for Form 1041, 1041-QFT, 1040NR, or 5227 purposes.
US Govt Oblig ($ or %)
If any portion of total dividends are attributable to U.S. government obligations and nontaxable to the state, enter the nontaxable amount in this field. This field is only applicable to ordinary dividends you enter in the
Total Dividends
field. If you enter a percentage, the nontaxable amount calculates by applying the percentage to the amount you entered in the
Total Dividends
 field. Do not use the
F/S
 field for U.S. government obligations.
InState Muni ($ or %)
For state returns, enter the portion of the municipal dividend income (items entered in the
Total Tax Exempt
 field) that is nontaxable to the state indicated in the
Postal Code
 field. This field is only applicable to tax-exempt dividends you entered in the
Total Tax Exempt
 field. If you enter a percentage, the nontaxable amount calculates by applying the percentage to the amount you entered in the
Total Tax Exempt
 field. The difference between the amount you enter in the
Total Tax Exempt
 field and this field will calculate as taxable dividend income on the state return you indicate in the
Postal code
 field.
InState Source ($ or %)
For part-year and nonresident state return calculations, use this field to enter the portion of ordinary dividends that are sourced and taxable to the state you enter in the
Postal code
 field. This field is only applicable to the ordinary dividends you entered in the
Total Dividends
field. Dividend income will not be allocated to the state if you leave this field blank.
Postal Code
If you've entered anything in the
US Govt Oblig ($ or %)
,
InState Muni ($ or %)
, or
InState Source ($ or %)
 field, enter the state that the related field applies to. Otherwise, amounts won't transfer to the state return.
State Use
The codes available in this field are specific to the state you enter in the
Postal code
 field. Enter a code, if applicable, to indicate special treatment on the state return.
Net short-term / long-term capital gain
Enter the nonpassive capital gains as reported on Schedule K-1 (Form 1041).
If the activity has a passive capital gain, enter the information on Screen Income in the statement for the
Capital gain / losses
 field instead of this screen. Enter those sales as business (code B in the
Type
 field) and associate with this activity using the
Form
 and
Unit
 fields.
Do not enter information in both screens. Gains and losses entered on Screen Income in the statement that are not coded B for business will be treated as portfolio, not passive.
Estate tax deduction
This amount does not allocate to beneficiaries. To allocate estate taxes to beneficiaries, leave this field blank and enter the amount in the
Estate tax deduction
field on the  Deduct Screen.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close