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Federal input screens

Screen AMT - Alternative Minimum Tax (1041)

Schedule I - Adjustments and Preference Items

Tax refunds (Force)
If you leave this field blank, Schedule I, line 5 completes with amounts entered in the
Other income
 statement on the Income Screen with state use code
2
.
Disposition of property (Force)
Schedule D completes on a regular tax basis, as well as on an alternative minimum tax basis. The difference between the gains or loss calculated using these two methods is reported on the bottom of the Schedule D - Recomputed for Alternative Minimum Tax Worksheet and on Schedule I, line 13.
Circulation costs
The amount you enter in this field combines with the information you enter in nonpassive units of the C-2, F-2, K1-3, and Rent-2 Screens and transfers the amount to Schedule I, line 17.
Long-term contracts
The amount you enter in this field combines with information you enter in nonpassive units of the K1-3 Screen and transfers the amount to Schedule I, line 18.
Mining costs
The amount you enter in this field combines with information you enter in nonpassive units of the C-2, F-2, K1-3, and Rent-2 Screens and transfers the amount to Schedule I, line 19.
Research and experimental costs
The amount you enter in this field combines with information you enter in nonpassive units of the C-2, F-2, K1-3, and Rent-2 Screens and transfers the amount to Schedule I, line 20.
Intangible drilling costs
The amount you enter in this field combines with information you enter in nonpassive units of the C-2, F-2, K1-3, and Rent-2 Screens and calculated by the Oil & Gas module and transfers the amount to Schedule I, line 22.
Other adjustments
The amount you enter in this field combines with amounts you enter elsewhere, including amounts you enter in the
Amortization
 field of the Alternative Minimum Tax Items section in nonpassive units of the K1T-2 Screen and transfers the amount to Schedule I, line 23.
Alternative minimum tax net operating loss carryback (Force)
If this is an amended return, enter the amount of AMT net operating loss carryback from later years. Leave this field blank to use the amount from the
Net operating loss carryback
 field on the Deduct Screen to calculate the current deduction.
Elect simplified foreign tax credit limitation
This election applies to all units of the 1116 Screen. Enter
X
 in this field to use the regular tax income for Form 1116, Part I instead of recalculating the foreign source income for the AMT version of the 1116 Screen.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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