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Federal input screens

Screen K2 - International Items (1120)

Overview

Schedule K-2 is an extension of Form 1120-S, Schedule K, and is used to report items of international tax relevance from the operation of the S Corporation. Use the screens in the Schedule K-2 folder to enter data. You will need to complete the applicable fields in the U.S. source column in Screen K2-5 in the Schedule K-2 folder.
The Schedules K-2 and K-3 (Form 1120-S) instructions include an exception to filing Schedule K-2. One of the criteria for meeting this exception is that the S Corporation must notify the shareholder the Schedule K-3 will not be provided unless requested. This notification can be provided as an attachment to the Schedule K-1.
Enter
1
 to print the Schedule K, line 17d and Schedule K-1, line 17AD statements.
Enter
2
  when the corresponding field in Setup > 1120 Corporation > Other Return Options > Return Presentation tab is marked, but you want the Schedule K and K-1 statements to print.
If the S Corporation has no foreign source income, no assets generating foreign source income, no foreign partners, and no foreign taxes paid or accrued, the Schedule K-2 may still be required. When you enter
X
 in this field:
  • Data from Form 1120-S transfers to the U.S. source column on Schedule K-2, Part II and Schedule K-2, Part III, Section 2, Line 1.
  • A Schedule K-2 Worksheet prints with detail of the amounts from Form 1120-S used to complete the U.S. source column of Schedule K-2, Part II and Schedule K-2, Part III, Section 2, Line 1. The worksheet also designates the amounts not determined by UltraTax CS, such as Gross income from services.
Use the
K2USOnly
 screen in the Schedule K-2 folder to change the amounts UltraTax CS uses to automatically complete Schedule K-2.
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