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Federal input screens

Screen F-2 - Farm Expenses, Other, Passives (1041)

Expenses

Conservation expenses
Any positive amount you enter is limited to 25 percent of the gross farm income. If you enter a negative number, the number is converted to a positive number and not limited. Per IRS Publication 5078, if you enter a number in this field, you must file the return on paper.
Depreciation (Force)
You cannot allocate the force amount to beneficiaries; instead the entire amount combines with the net gain or loss calculated for this activity.
Preproductive period
This amount displays as a negative number in the other expenses with the description 263A.

Qualified Business Income Deduction

Activity qualifies as trade or business for section 199A deduction
If this field is blank, the activity will
not
 be included in the calculation of the qualified business income deduction (Section 199A).

Other Information

Preference items
Use the statement to enter the alternative minimum tax preference amounts. This information completes Schedule I.

Passive Activity Information

Passive activity code
Choose code
3
to treat the passive carryover as a former passive activity.
Aggregation group
If this activity is part of an aggregated group, enter the aggregation group number. Units with the same aggregation number are reported as one item on the statement worksheets for Form 8582. All of the entities in an aggregation must have the same passive code.
Carryovers
Enter prior-year suspended losses as positive amounts for both Regular and AMT amounts. If there is no carryover amount, leave the fields blank.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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