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Code | Description |
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1 | Withholding (default) .When a code is not selected from the dropdown list, this is the default filing for nonresident and pass-through entity shareholders. Select this option to indicate the shareholder is subject to withholding. UltraTax CS marks the shareholder's declaration election code on Schedule SK-1, Page 3, as Withholding and completes the withholding amount on Schedule SK-1, Page 3 with the amount entered in Withholding amount in the Withholding information group box. |
2 | Composite filer .Select 2 to indicate the corporation is filing a composite return on behalf of the nonresident shareholder. UltraTax CS completes Form MA NRCR for participating nonresident shareholders and marks the shareholder's declaration election code on Schedule SK-1, Page 3 as Composite. |
3 | Nonresident individual filing own return .Select 3 to indicate the shareholder is exempt from withholding because the shareholder is a nonresident individual and agrees to file all required tax returns and make quarterly estimated tax payments as required by the state. UltraTax CS marks the shareholder's declaration election code on Schedule SK-1, Page 3 as Member self-file. |
4 | Pass-through entity, trust or estate filing a return Select 4 to indicate the shareholder is exempt from withholding because the shareholder is a pass-through entity trust, estate, or custodial account and agrees to file all required tax returns and make quarterly tax or withholding payments as appropriate. UltraTax CS marks the shareholder's declaration election code on Schedule SK-1, Page 3 as Member self-file. |
5 | Pass-through entity, all members exempt from withholding Select 5 to indicate the shareholder is exempt from withholding because the shareholder is a pass-through entity and all the shareholder's members are exempt from withholding. UltraTax CS marks the shareholder's declaration election code on Schedule SK-1, Page 3 as Exempt PTE. |
6 | Pass-through entity's only source of distributive income Select this 6 to indicate the shareholder is exempt from withholding because the shareholder is a pass-through entity and has no Massachusetts source distributive share, other than from this corporation and this corporation has agreed to accept exemption certificates from or withhold directly on the shareholder's members. UltraTax CS marks the shareholder's declaration election code on Schedule SK-1, Page 3 as Exempt PTE. |
Code | Description |
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2 | Portfolio deductions |
3 | Section 179 deduction |