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Federal input screens

Screen K1-3 - 1065 and 1120S Pass-Through Adjustments, Other, 8990 (1041)

Overview

Use this screen to enter Schedule K-1 information that the client received from an S Corporation or partnership. There are line reference numbers on the left side of the input screen that correspond to the lines on an 1120S or 1065 Schedule K-1. This will help you determine where you should enter each Schedule K-1 item.

Self Employment, Withholding, Credits

Net earnings or (losses) from self employment
Enter the partnership income, including guaranteed payments to partners, that is subject to the self-employment tax. Use this field for New York only.
Credits
Use this statement to report the current year and prior year carryover credits reported on the K-1. Enter the form number in the
Credit Form
 field.
To allocate current year credits in non-grantor trust between the trust and the beneficiaries, enter the amount for each beneficiary in field
Credits / Estate Tax
by going to View, Beneficiary Information, then the Federal tab .

Distributions, Other Information

Cash and marketable securities distributions
The accounting income includes the distributions amount instead of the amounts you enter for the activity. To use reported income instead of distributions received for accounting income, enter
X
 in the
Include income reported instead of distributions in accounting income
 field on the Dist screen in the Allocation folder.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1041 Fiduciary
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