Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen INAlloc2 - Indiana Deduction Allocation Amounts (1065)

Show all hidden content

Nonbusiness Deduction Amounts from Federal Schedule K

Use this section to calculate nonbusiness income that was entered on the federal K-2 screen. Don't include amounts received from other passthrough entities. Enter passthrough amounts in the INK1 screen.
Section 179 expense deduction / … / Other deductions not listed sep
Enter the total nonbusiness deduction amounts in the
Total Everywhere
 column. UltraTax CS subtracts these amounts from the total federal amount before multiplying by the apportionment percentage.
Enter the Indiana nonbusiness amounts in the
Within Indiana
 column. UltraTax CS adds these amounts to the apportioned business amount and displays the totals on Schedule K-1.
Total Deductions
UltraTax CS transfers portfolio expenses and deductions from the federal K-2, K1-2, and SepK screens to these statements. 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 won't overwrite the new data with subsequent federal-to-state data transfers. If the amount is included, UltraTax CS subtracts it from partnership income on Form IT-65, line 1, and transfers it to the appropriate line on Schedule IN K-1.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close