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Federal input screens

Other Return Options > Return Presentation tab (1120)

Use this tab to set various return presentation options that will apply to all 1120 clients.
To view this tab, select
Setup
,
1120 Corporation
, select the
Federal
 tab, select
Other Return Options
, then select the
Return Presentation
 tab.

Fields & buttons

If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedule G, Allocation of Patronage and Nonpatronage Income and Deductions on Form 1120-C. Mark this checkbox to have UltraTax CS complete Schedule G regardless of total receipts and year-end assets.
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedule L. Mark this checkbox to have UltraTax CS complete Schedule L regardless of total receipts and year-end assets.
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedule M-1 (for C Corporations, S Corporations, and Cooperative Associations) nor Schedule M-2 (for C Corporations or Cooperative Associations). Mark this checkbox to have the schedules completed regardless of total receipts and year-end assets.
UltraTax CS automatically prints Schedule M-3 if the total assets at the end of the year equal or exceed $10 million. If the total assets are less than $50 million, the corporation isn't required to file Schedule M-3, Schedule B (Form 1120) or Form 8916-A. Mark this checkbox to print Schedule M-1 in lieu of Schedule M-3, Parts II and III. Also, UltraTax CS won't print Schedule B (Form 1120) and Form 8916-A when you mark this checkbox.
Mark this checkbox to have UltraTax CS print a zero in the balance sheet column, and statements, when there is an amount in 1 column, and the other column is blank.
UltraTax CS automatically prints Form 1125-E if receipts are equal to $500,000 or more. If receipts are less than $500,000, Form 1125-E isn't printed. Mark this checkbox to print Form 1125-E even if receipts are less than $500,000.
If the amount claimed as a deduction for any item is $500 or less, then columns (e), (f), and (g) are not required to be completed. Mark this checkbox to print Form 8283, columns (e), (f), and (g) even if they are not required.
Mark this checkbox to print the mailing address on the left side of Form 9325. UltraTax CS prints the address on the right side by default.
Mark this checkbox to have UltraTax CS print the Schedule K-1 instructions in the Shareholder Package for shareholders that are marked as a 1040 client in
View
,
Shareholder Information
,
Other Info
 tab. If this checkbox is not marked, UltraTax CS won't print the Schedule K-1 instructions for shareholders that are marked as a 1040 client.
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 will need to notify the shareholder that the Schedule K-3 won't be provided unless requested. This notification can be provided as an attachment to the Schedule K-1.
UltraTax/1120 prints a statement for Schedule K, line 17d and Schedule K-1, line 17AD when you mark this checkbox.
If total receipts for the year and year-end assets are less than $250,000, UltraTax CS doesn't complete Schedules L, M-1, and M-2 of Form 1120, Page 6. However, Form 1120, Page 6 will continue to print. Mark this checkbox to have UltraTax CS suppress the printing of Form 1120, Page 6 .
Mark this checkbox to have UltraTax CS truncate the SSNs on Form 1125-E by displaying only the last 4 digits of the officer's SSNs.
Mark this checkbox to have UltraTax CS treat a newly added
Rent
 screen as a rental real estate activity instead of an other rental activity.
UltraTax CS doesn't transfer the S Corporation Schedule M-1 differences to Schedule M-2 when you leave the Sch M-2 column blank in the statement window for the following fields in Screen Ms.
  • Taxable income not on books
  • Book expenses not deducted
  • Income on books not on return
  • Return deductions not on books
Select the Schedule M-2 account to change where the differences are reported.
UltraTax CS prints transactions on Form 8949 Copy C for short-term transactions, or Copy F for long-term transactions, when you leave the
8949 Box
 column blank in the statement window for the
Detail schedule
 field in the
D
 screen. Select the copy of Form 8949, or the option to report the transaction directly on Schedule D, to change where these transactions are reported.
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