Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Federal input screens

Screen K - Schedule K - Income (Loss) (1065)

Overview

In addition to the fields in this screen, the application automatically calculates and transfers the following items to the Schedule K, Income (Loss) section. Use the K1 and K1-2 Screens to enter income information from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary.
  • Ordinary business income (loss)
  • Net rental real estate income (loss)
  • Other gross rental income (loss)
  • Guaranteed payments
  • Royalties
  • Oil and gas royalties
  • Net short-term capital gain (loss)
  • Net long-term capital gain (loss)
  • Collectibles 28% gain (loss)
  • Unrecaptured section 1250 gain
  • Net section 1231 gain (loss)
  • Net Form 4684 gain (loss)
  • Net section 1202 gain
  • Form 5471, Schedule I income

Income (Loss)

Use the statement to report income from U.S. obligations. The application includes this amount on Schedule K, Interest income and separately states the income from U.S. obligations on Schedule K-1, box 20, Other information.
Use the statement for
Total ordinary dividends
 to report amount of dividend income from U.S. obligations included in total ordinary dividends. The application separately states the income from U.S. obligations on Schedule K-1, box 20, Other information.
Enter the amount of unrecaptured section 1250 gain from Form 1099-DIV. The application includes this amount with the section 1231 unrecaptured section 1250 gain and the
Unrecaptured section 1250 gain from sale or exchange of partnership interest
 field in the D Screen for the printed statement on Schedule K, Unrecaptured section 1250 gain.
The application adds the items entered in the statement to the following items in the printed statement. Use the K1-2 Screen to enter other income (loss) from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary.
  • Ordinary income (loss) from a publicly traded partnership on a passthrough Schedule K-1
  • Other portfolio income (loss)
  • Farm income that is specially allocated
  • Form 4797 ordinary gain (loss) that is specially allocated
  • Taxes related to ordinary income that are specially allocated
  • Depletion (not related to oil and gas) that is specially allocated
  • The deductible portion of meals expense related to ordinary income that is specially allocated
  • Page 1, Cost of Goods Sold, and Schedule F depreciation and amortization amounts that are specially allocated (if reported by activity)
  • Oil and gas well net income, from the UltraTax/Oil & Gas module, related to ordinary income that is specially allocated
  • Section 1256 contracts
  • Mining exploration costs recapture
  • Cancellation of debt (including from a section 108(i) election)
  • Section 743(b) positive adjustments
  • Gains or losses from short-term and long-term nondepreciable personal property
  • Form 4684 amounts
  • Qualified small business stock (section 1202)
  • Form 5471, Schedule I income, when indicated in the 5471-8 Screen
If you share a partner's Schedule K-1 data with an UltraTax/1040 or UltraTax/1041 return, complete the
K-1 Export
 column in the statement dialog. Enter the K-1 Export code directly or select the code from the drop-down list.
Use the statement to enter short-term and long-term capital gains (losses) attributable to nondepreciable personal property reported on Schedule D. The application subtracts the amounts you enter here from the amounts that are transferred from Schedule D and includes them on Schedule K, Other income (loss).
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close