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Screen OKK1 - Oklahoma Passthrough Income and Deductions (1065)
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Overview
Use this screen to enter data from a Schedule K-1 received by the client from a pass-through entity. UltraTax CS uses this information to complete Form 514, Page 2, Part 3, column B; the OK Partnership Source Income Worksheet; OK Partner’s Share of Income and Credits Worksheet; and the OK Partner’s Source Income Worksheet. UltraTax CS automatically transfers all applicable Screen K1 information to this input screen.
To change amounts for the Oklahoma return, enter data in the applicable fields or statements in this input screen. Amounts that are specially allocated for federal purposes will need to be specially allocated for state purposes. The amounts on this screen are used only when the
Allocating all income on basis of separate books and records
field is marked on Screen OKAlloc.Income
Net income (loss) from rental real estate activities / Net income (loss) from other rental activities
This statement contains all relevant information entered in the rental real estate and other rental pass through information fields on federal Screen K1. To exclude an item from the state return, delete the amount, enter
0
(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.Interest on loans, notes, mortgages, bonds, etc / Other interest income
This statement contains all relevant information entered in federal Screen K1. To reclassify federal interest income items for Oklahoma purposes, enter the appropriate class code in the first statement column. See the following table or the field view list of available codes.
Class Code | Description | Destination |
|---|---|---|
L | Loans, mortgages, etc. | Form 514, Page 2, Part 3, line 4a, columns A and B |
O | Other (default) | Form 514, Page 2, Part 3, line 4d, columns A and B |
To exclude an item from the state return, delete the amount, enter
0
(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.Interest on state obligations
This statement contains all relevant information entered in federal Screen K1-5. To exclude an item from the state return, delete the amount, enter
0
(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.Royalties
This statement contains all relevant royalty pass through information entered on federal Screen K1. To exclude an item from the state return, delete the amount, enter
0
(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.Other portfolio income (loss)
This statement contains all relevant information entered in federal Screen K1. To exclude an item from the state return, delete the amount, enter
0
(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.Other income (loss)
This statement contains all relevant information entered in federal Screen K1. To exclude an item from the state return, delete the amount, enter
0
(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.Deductions
Use this section to enter data from a Schedule K-1 received by the client from a pass-through entity. UltraTax CS uses this information to complete Form 514, Page 2, Part 3, column B; the OK Partnership Source Income Worksheet; OK Partner’s Share of Income and Credits Worksheet; and the OK Partner’s Source Income Worksheet. UltraTax CS automatically transfers all applicable Screen K1 information to this input screen.
To change amounts for the Oklahoma return, enter data in the applicable fields or statement in this input screen. Amounts that are specially allocated for federal purposes will need to be specially allocated for state purposes. The amounts on this screen are used only when the
Allocating all income on basis of separate books and records
field is marked on Screen OKAlloc.Investment interest expense on investment debts
This statement contains all relevant information entered in federal Screen K1-2. To exclude an item from the state return, delete the amount, enter
0
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. Other deductions
This statement contains all relevant information entered in federal Screen K1-2. To exclude an item from the state return, delete the amount, enter
0
(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.