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Screen Income - Income and Capital Asset Sales (1041)

Income

Interest income (including foreign source)
Enter federal, state, and foreign source interest income from Forms 1099-INT and 1099-OID to complete Form 1041, 1041-QFT, 1040NR, or 5227. Use the statement to enter multiple payers and classify the interest income. If you don't need to enter special percentages or codes, enter the amount directly on the input screen. The following table describes the columns available in the statement and how they affect the calculation of the federal and state tax returns.
Field
Details
F/S
Use this field to indicate the interest income you're entering on this line is federal-only or state-only. Typically, you should only use this field if you're preparing more than one state return.
Type Code
Use this field to categorize an adjustment amount. If an item of interest income requires an adjustment, enter the total amount received on one line, then create a second line with a type code of 3, 4, 5, or 6, and enter the adjustment as a positive amount in the
Taxable Interest
 field.
Corpus
Enter a percentage if an item is entirely or partially allocable to corpus rather than to income.
Payer
Use this field to enter the payer's name. You can enter multiple lines with the same payer name if any interest needs different coding.
Taxable Interest
Use this field to enter taxable interest income and adjustments to interest from Forms 1099-INT and 1099-OID. Don't enter tax-exempt interest in this field. For state returns, 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
Use this field to enter tax-exempt interest income attributable to private activity bonds issued after 8/7/86. Amounts you enter in this field are only for Schedule I calculations. You'll also need to enter this amount in the
Total Tax Exempt
 field for Form 1041, 1041-QFT, 1040NR, or 5227 purposes.
Early W/D Penalty
Use this field to enter the early withdrawal penalty reported on Form 1099-INT. This amount transfers to the applicable other deduction line on Form 1041, 1041-QFT, 1040NR, or 5227.
Fed W/H
Use this field to enter federal income tax withheld. This amount transfers to the applicable payment line on Form 1041, 1041-QFT, or 1040NR.
State W/H
Use this field to enter state tax withheld. This amount transfers to the applicable tax deduction line on Form 1041, 1041-QFT, 1040NR, or 5227 and the applicable payment line of the state return. This amount will not be part of the federal tax deduction if the
Deduct sales tax instead of state estimates and state withholding
 field is marked on the Deduct screen in the Deductions folder.
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
State W/H
,
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.
The following fields are available when you click the globe icon to show foreign columns.
Foreign amount
Use this field only when the amount of foreign source interest income is different from the amount you entered in the
Taxable Interest
 field on this line. When this field is blank and you have an amount in the
Foreign Tax Paid
 field, the amount in the
Taxable Interest
 field is considered foreign source income for Form 1116 purposes.
Foreign Tax Paid
Use this field to enter the amount of foreign taxes paid on foreign interest income to calculate Form 1116. If you enter an amount here and leave the
Foreign amount
 field blank, the amount in the
Taxable Interest
 field is considered foreign source income for Form 1116.
X if foreign
This field is automatically marked when you enter a
Foreign amount
 and/or
Foreign Tax Paid
. You can also mark this field when the amount in the
Taxable Interest
 field is from a foreign source and there was no tax paid.
Seller financed mortgage interest income
Use the statement to enter the interest income earned from any seller-financed mortgages.
Dividends (including foreign source)
Enter federal, state, and foreign dividend information from Forms 1099-DIV to complete the applicable dividend line on Form 1041, 1041-QFT, 1040NR, or 5227. Use the statement to enter multiple payers and codes to properly classify the dividend income. If you do not want the payers' names proforma'd and special percentages or codes are not needed for federal or state processing, enter the amounts directly on the input screen. The following table describes the columns available in the statement and how they affect the calculation of the federal and state tax returns.
Column
Information
F/S
Use this field to indicate the interest income you're entering on this line is federal-only or state-only. Typically, you should only use this field if you're preparing more than one state return.
Type Code
If you need to make an adjustment for nominee amounts, create one line for the total amount and leave this field blank. Then create a second line, enter code
3
 in this field, and enter the adjustment as a positive amount in the same column that you entered the total dividend income in.
Corpus
Enter a percentage if an item is entirely or partially allocable to corpus rather than to income.
Payer
Use this field to enter the payer's name. You can enter multiple lines with the same payer name or you can consolidate similar payer's onto one line.
Total Dividends
Enter ordinary dividend amounts from Forms 1099-DIV or similar statements to complete the applicable line on Form 1041, 1041-QFT, 1040NR, or 5227. 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 from Forms 1099-DIV to complete the applicable line on Form 1041, 1041-QFT, 1040NR, or 5227. Enter the entire ordinary dividend amount, including qualified dividends, in the
Total Dividends
 field. Do
not
 enter tax-exempt dividends in this field.
Total LT Cap Gain Dist
Enter total capital gain distribution amounts from Form 1099-DIV or similar statements to complete Schedule D, line 9, column (f).
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. Enter the description to print with the exclusion on Schedule D in the
Corporation related to excluded 1202 stock sale: Reported on 1099-DIV
 field on screen Income.
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.
Sect 199A Portion
Enter the portion of dividends that qualify for trade or business for Section 199A. Amounts you enter here will transfer to the Qualified Business Income Deduction Information Worksheets.
Fed W/H
Use this field to enter federal income tax withheld. This amount transfers to the applicable payment line on Form 1041 or 1041-QFT.
State W/H
Use this field to enter state tax withheld. This amount transfers to the applicable tax deduction line on Form 1041, 1041-QFT, 1040NR, or 5227 and the applicable payment line of the state return. This amount will not be part of the federal tax deduction if the
Deduct sales tax instead of state estimates and state withholding
 field is marked on the Deduct screen in the Deductions folder.
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
TotalDividends
 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
State W/H
,
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.
Extraordinary Dividends
Enter the amount of extraordinary dividends you want to allocate to corpus and include on Form 1041, Page 1, line 2. Otherwise, use the
Extraordinary dividends for simple trusts
 field below the
Dividends
 statement on this screen.
ST Cap Gain Dist
Enter the amount considered as dividends for tax purposes but short-term capital gain for accounting income purposes. The amount you enter here is subtracted from dividends and added to short-term capital gains in the calculation of accounting income. Enter the total taxable dividends, including this amount, in;
Total Dividends
 field.
The following fields are available when you click the globe icon to show foreign columns.
Foreign Ord Div
Use this field only when the amount of foreign source interest income is different from the amount you entered in the
Total Dividends
 field on this line. When this field is blank and you have an amount in the
Foreign Tax Paid
 field, the amount in the
Total Dividends
 field is considered foreign source income for Form 1116 purposes.
Foreign Qual Div
Use this field only when the amount of foreign source interest income is different from the amount you entered in the
Qual Div Portion
 field on this line. When this field is blank and you have an amount in the
Foreign Tax Paid
 field, the amount in the
Qual Div Portion
 field is considered foreign source income for Form 1116 purposes.
Foreign Cap Gain
Use this field only when the amount of foreign source interest income is different from the amount you entered in the
Total LT Cap Gain Dist
 field on this line. When this field is blank and you have an amount in the
Foreign Tax Paid
 field, the amount in the
Total LT Cap Gain Dist
 field is considered foreign source income for Form 1116 purposes.
Foreign Tax Paid
Enter the amount of foreign taxes paid on foreign dividend income. Amounts you enter here calculate Form 1116.
X if Foreign
This field is automatically marked when you enter an amount in the
Foreign Ord Div
,
Foreign Qual Div
,
Foreign Cap Gain
, or
Foreign Tax Paid
 field. You can also mark this field when the amount in the
Total Dividends
,
Qual Div Portion
, or
Total LT Cap Gain Dist
 fields are from a foreign source but there is no foreign tax paid.
Extraordinary dividends for simple trusts
Enter the amount of extraordinary dividends you don't want included on Form 1041, Page 2, Schedule B, line 1 when you're preparing a simple trust. If there are extraordinary dividends you want to allocate to corpus and include on Form 1041, Page 1, line 2, enter those amounts in the
Dividends (including foreign source)
 field on this screen, or the Broker screen.
Short-term capital gain distributions
Enter the amount considered as dividends for tax purposes but short-term capital gain for accounting income purposes. The amount you enter here is subtracted from dividends and added to short-term capital gains in the calculation of accounting income. Enter the total taxable dividends, including this amount, in the
Dividends (including foreign source)
 field on this screen, or Broker screen.
REMIC income or (loss)
Use this field to complete Schedule E, Part IV.
Nontaxable income: Treat difference between Screen 1099R gross distributions and taxable amount as nontaxable
This field is marked by default. If this is marked, a portion of indirect expenses is allocated to nontaxable income, unless it’s excluded in the Allocation of Indirect Expenses section on the Allocate screen. Also, Yes is answered on Form 1041, Page 2, Other Information, Question 1.
Nontaxable income: Other
Enter information for nontaxable income (other than tax-exempt interest and dividends) received in the current year. This amount is included in accounting income, the calculation for nontaxable income on Form 5227, and the calculation of tax-exempt income on Form 1041, Page 2, Other Information, Question 1.

Schedule D / Form 8949 - Capital Gain / Loss Information

Capital gains or (losses)
Enter sale information of capital assets that are not sold on installment. Enter passive and nonpassive transactions as well. The following table describes the columns available in the statement and how they affect the calculation of the federal and state tax returns.
Column
Information
Type
Enter the appropriate code to indicate the asset type. If you enter C in the Type column with long-term dates, the program defaults the holding period to long-term and includes the gain or loss in the 28-percent rate calculations. If you enter V, X, Y, or Z in the Type column with long-term dates, the application defaults the holding period to long-term with 28-percent rates and enters a subtraction line for the 50-percent, 60-percent, 75-percent, or 100-percent exclusion on Form 8949.
Tangible
Enter
X
 to designate an asset as tangible property. The application uses this information for processing state returns that exclude sales of intangible assets.
8949 Box
This field is used to determine which unit of Form 8949 to report the transaction.
1099B Errors
Indicate on this field what 1009B errors were reported to the IRS.
Date Acquired / Sold
The following codes may be entered if a specific date is not appropriate.
  • Code I or 999998; Inherited
  • Code V or 999999; Various
  • Code B; Bankrupt
  • Code C; Continue
  • Code T; 1099 Tax
  • Code W; Worthlss
Adj to Gain / Loss
Use this field to adjust the amounts reported to the IRS on a 1099-B, to report that a 1099-S (or substitute statement) is incorrect, to exclude or postpone a capital gain, to report a disallowed loss, etc.
If you enter an adjustment to gain/loss, also enter an
Adj Code
.
Adj Code
Enter the applicable code for the adjustment entered in the
Adj to Gain / Loss
 field.
Form / Unit
Enter the form and unit number of the activity to tie it to a passive activity. The income or loss for the activity, including the gain or loss tied to the activity, is subject to passive activity rules on Form 8582.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1041 Fiduciary
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