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Screen Inc - Income and Deductions (1065)

General Information

Use this section to enter general information for this unit of ordinary income and deductions.
Select the Ptr Alloc button to specially allocate this activity to partners using ratios that are different from the profit-sharing percentages. You do not need to use this field unless the partnership has an allocation for this activity that differs from the profit-sharing percentages.
Enter
X
 if this activity is an excepted trade or business per page 2 of the Form 8990 instructions and
should not be included
 in the Form 8990 calculation. If this activity is not an exception to the section 163(j) limitation and therefore should be included in Form 8990 then leave this field blank.

Income

Use the statement to enter other income items not entered elsewhere. The application adds the items entered in the statement to guaranteed payments for services from a passthrough Schedule K-1 in which the current partnership is a partner in the printed statement for Form 1065, Page 1.
Use the K1 Screen to enter guaranteed payments from a passthrough activity.

Deductions

Enter the amount of salaries and wages before any reductions for allowable credits. The application reduces the amount entered in this field by the amount of the allowable credits for Forms 5884, 8932, and 8994 based on entries in the Cr and Cr-5 Screens for the associating activity before transferring the net amount to Form 1065, Page 1.
Enter the amount of deductible guaranteed payments associated with this activity. Also include health insurance payments for partners and their families and payments for pensions and IRAs for partners. Specially allocate these amounts in the SepK Screen. Enter nondeductible guaranteed payments in the SepK Screen.
Use this field to override the lease inclusion calculated from the asset module for this unit. If the auto inclusion is zero, enter 0 (zero). The amount of rent expense that transfers to Form 1065, Page 1 will be reduced by the amount of lease inclusion calculated or entered in this field.
Enter the amount of tax and licenses before the reduction for the credit for employer Social Security and Medicare taxes paid on certain employee tips. The application reduces the amount entered in this field by the amount of the allowable Form 8846 credit based on entry in the Cr-4 Screen for the associating activity before transferring the net amount to Form 1065, Page 1.
Enter the portion of interest expense, not including floor plan financing interest expense, that qualifies as business interest expense for Form 8990.
Enter a percentage (xxx.xxxxxx) to allocate a portion of the Page 1 depreciation to Form 1125-A for the associating activity. The application multiplies the amount in the
Depreciation - tax (Force)
 field in this screen, or if that field is blank, the Form 1065, Page 1 depreciation from either the asset module or the 4562 Screen, by the percentage you enter in this field. The resulting amount prints in the statement for either Form 1125-A, Additional section 263A costs or Other costs depending on the code in the
Type of cost - depreciation
 field in the A Screen.
Use this field to allocate a portion of the Form 1065, Page 1 depreciation to Form 1125-A. The amount you enter prints in the statement for either Form 1125-A, Additional section 263A costs or Other costs depending on the code in the
Type of cost - depreciation
 field in the A Screen.
Enter the amount of depletion for Form 1065, Page 1. Do not include any oil and gas depletion.
Enter the amount of employee benefits before the reduction for the credit for small employer health insurance premiums. The application reduces the amount entered in this field by the amount of the allowable Form 8941 credit based on entry in the Cr-5 Screen for the associating activity before transferring the net amount to Form 1065, Page 1.
Use the statement to enter other deductions not entered elsewhere. The items entered in the statement add to the following adjustments in the printed statement for Form 1065, Page 1.
  • Amortization (Inc Screen)
  • Meals expenses (Inc Screen)
  • Start-up expenses (asset module or 4562 Screen)
  • Organization costs (asset module or 4562 Screen)
  • Oil and gas deductions related to Page 1 income when not specially allocated (OGWell Screen)
  • Form 6765, Credit for Increasing Research Activities (Cr-2 Screen)
  • Form 8820, Orphan Drug Credit (Cr-2 Screen)
  • Form 8826, Disabled Access Credit (Cr-2 Screen)
  • Form 8881, Credit for Small Employer Pension Plan Startup Costs (Cr-5 Screen)
  • Form 8882, Credit for Employer-Provided Childcare Facilities and Services (Cr-5 Screen)
Enter 100 percent of the meals expenses. The application automatically reduces this amount by 50 percent when calculating Form 1065, Page 1, Other deductions and generates a Schedule M-1 or Schedule M-3 reconciling adjustment for the nondeductible portion.
Enter 100 percent of the meals expense for employees who are subject to the hours of service limitations of the Department of Transportation (DOT). The application automatically reduces this amount by 20 percent when calculating Form 1065, Page 1, Other deductions and generates a Schedule M-1 or Schedule M-3 reconciling adjustment for the nondeductible portion.
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