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Screen DCInc - DC Income, Non-Business, COGS, and Sch J (1065)
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Income and Expenses
Dividends
The statement contains all information entered for dividends in the federal K and K1 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Interest income
The statement contains all information entered for interest income in the federal K and K1 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Taxable interest income / Tax-exempt interest income
The statement attached to these fields contains all tax-exempt interest income information entered in the federal K-4 and K1-5 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
note
Tax-exempt interest income descriptions are limited to 24 characters on Form D-30, Page 4, Schedule H. Descriptions in excess of 24 characters are truncated automatically at the state level.
Nontaxable income
The statement contains all information entered for
US interest
and US Obligation
dividend income in the federal K and K1 screens, Other tax-exempt income
in the K1-5 screen, and Book income not included on tax return
in the M1M2 screen. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.note
Nontaxable income descriptions are limited to 24 characters on Form D-30, page 4, Schedule H. Descriptions in excess of 24 characters are truncated automatically at the state level.
Capital gain attributable to termination of business
Enter the capital gain that is attributable to the termination of business. UltraTax CS subtracts this amount from the total capital gains to arrive at net capital gain on Page 1, line 8(a).
Capital loss carryover from prior years
Enter the capital loss carryover from prior years as a positive number. UltraTax CS subtracts this amount from the total capital gains to arrive at net capital gain on Page 1, line 8(a).
Section 1231 loss carryover from prior years
Enter the section 1231 loss carryover from prior years as a positive number. UltraTax CS subtracts this amount to determine the portion of the net capital gain on Page 1, line 8(a).
Other income from federal page 1
The statement contains all information entered for federal page 1 other income and ordinary income (loss) from other partnerships, estates and trusts. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Other income from federal Schedule K
The statement contains income items entered in the federal K and K1-2 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Taxes
The statement contains all information entered for taxes in the federal Inc screen. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
note
Tax expense descriptions are limited to 24 characters on Form D-30, page 3, Schedule C. Descriptions in excess of 24 characters are truncated automatically at the state level.
Interest expense
The statement contains all information entered for interest expense in the federal Inc screen. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Payments to related entities
Enter any interest payments made to related entities in this field. This amount subtracts from any interest payments entered on Form D-30, Page 1, line 17(a) and the result will appear on line 17(c).
Contributions or gifts
The statement contains all information entered for contributions in the federal K-2, K1-2, 1098C, 8283P1, and 8283P2 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
note
Contribution descriptions are limited to 24 characters on Form D-30, page 3, Schedule B. Descriptions in excess of 24 characters are truncated automatically at the state level.
Disallowed charitable contributions
Click the Ptr Alloc button to specially allocate the disallowed charitable contribution. If the disallowed charitable contributions are not specially allocated, UltraTax CS calculates the partner’s amounts based on the federal profit sharing percentages.
Other deductions from federal page 1
The statement contains all other deductions entered in the federal Inc screen. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
note
Other deduction descriptions are limited to 24 characters on Form D-30, page 4, Schedule G. Descriptions in excess of 24 characters are truncated automatically at the state level.
Other deductions from federal Schedule K
The statement contains all other Schedule K deductions entered in the federal K-2 and K1-2 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
note
Other deduction descriptions are limited to 24 characters on Form D-30, page 4, Schedule G. Descriptions in excess of 24 characters are truncated automatically at the state level.
Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on Form 4797, and 8824, but instead are reported in federal Schedule K, line 20c. This amount is calculated from information entered in the federal 8824PT, SalePT, and K1Sale screens.
UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on D30, line 8(a) and DC Partner’s Share of Income Worksheet. Use the
Force
field to override the calculated amount. If 0
is entered, no adjustment is made.Section 179 included in gain / loss
This field contains the total Section 179 expense deduction that was originally claimed on the assets disposed of during the tax year. This amount is provided for reference purposes only.
Non-Business Income
Non-business income / Non-business deductions / District of Columbia non-business net income
In the statements attached to these fields, enter the location code, description and amount of the gross receipts and expenses for the entity’s non-business activities. Use the
Loc Code
field within the statement to designate the location of an activity as being within the District of Columbia or outside the District. Press F4 from this field to see a list of available codes. The available type codes are shown in the following table.Loc Code | Description | Destination |
|---|---|---|
I | In the District of Columbia (default) | Page 2, lines 26(a), 26(b), and 30 |
O | Outside the District of Columbia | Page 2, lines 26(a) and 26(b) only |
Cost of Goods Sold
Cost of items withdrawn for personal use
Enter the amount of purchases that were withdrawn for personal use. UltraTax CS adds this amount to the federal amount for purchases to calculate the gross purchases on Form D-30, Page 3, Schedule A, line 2.
Materials and supplies / Other costs
The statements attached to these fields contains all information entered for IRC 263A costs and Other costs in the federal A screen. Use the
Class Code
field within the statement to classify any item in the printed statement. Press F4 from this field to see a list of available codes. Additional amounts and descriptions may be entered on a blank line. The available class codes are shown in the following table.Class Code | Description | Destination |
|---|---|---|
MA | Materials | Page 3, Schedule A, line 4, Materials and supplies |
OT | Other costs (default) | Page 3, Schedule A, line 5, Other costs |
Page 1 depreciation to Schedule A if different from federal Schedule A: Percentage
Use the
Percentage
field to allocate a portion of DC Page 1 depreciation to Schedule A. The percentage (xxx.xxxxxx) entered here is multiplied by all DC Page 1 depreciation amounts. The resulting amount prints in the statement for Other costs on Schedule A.Page 1 depreciation to Schedule A if different from federal Schedule A: Amount
Use the
Amount
field to allocate a portion of DC Page 1 depreciation to Schedule A. The amount entered here prints in the statement for Other costs on Schedule A.Distribution and Reconciliation of Net Income (or Loss)
The information in this section is used to complete Form D-30, Page 5, Schedule J, Distribution and Reconciliation of Net Income (or Loss).
Salary for owner(s) or member(s) services (Force)
UltraTax CS automatically calculates the salary claimed for owner(s) or member(s) services for Schedule J, column 4. To force (override) the calculated amount, enter the desired amount here. UltraTax CS limits the salary calculation to 30 percent of the District net income.
Click the Ptr Alloc button to specially allocate the calculated or forced salary amount. If the salary claimed for owner(s) or member(s) services is not specially allocated, UltraTax CS calculates the partner’s amounts based on the federal profit sharing percentages.
Exemption
Select the Ptr Alloc button to specially allocate the exemption amount. If the exemption amount is not specially allocated, the application calculates the partner’s amounts based on the federal profit sharing percentages.