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Screen OKK1-2 - Oklahoma Passthrough Deductions and Other Info (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.Other Information
Use this section to enter Form(s) 561P and 561-PTE detail information about the property sold by the passthrough entity, the qualifying Oklahoma passthrough capital gain deduction amount and the amount of withholding reported to the partnership on Form 500-B.
Form(s) 561-P and Form 561-PTE Description of property sold by passthrough
Use the statement to enter detail information about the property sold by the passthrough entity. This information prints on either Form 561-PTE, or Form 561P, Page 2 for the composite partners and on the OK Partner’s Form 561P Passthrough Worksheet for all other partners.
Form(s) 561-P and Form 561-PTE Oklahoma passthrough capital gain deduction
Use this field to enter the qualifying Oklahoma passthrough capital gain deduction amount. UltraTax CS defaults to the federal amount from Schedule D, line 11. If the federal amount is not equal to the qualifying Oklahoma amount, enter the qualifying Oklahoma amount in this field.
Withholding
Enter the total amount of withholding made by other partnerships on behalf of this partnership and reported to the partnership on Form 500-B. The partner’s share of the pass-through withholding will be displayed on the OK Partner’s Share of Income and Credits Worksheet. The share of withholding for the composite filers will also be displayed on Form 514, Part 1, line 7.