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Screen PAM - Pennsylvania Classifying Federal Income (1120)

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Classifying Federal Income for Pennsylvania Purposes

Interest income
These statements contain all the information entered in the federal K screen for interest. The
Class Code
 in the statement windows allows any item to be classified as interest, business income, dividend, rent and royalty, or gain (loss). The available class codes for interest amounts are shown in the following table and in the list.
Class Code
Description
Destination
I
Interest (default)
PA Schedule M, Part A, column c
B
Business income
PA Schedule M, Part A, column b
D
Dividend
PA Schedule M, Part A, column d
G
Gain (loss)
PA Schedule M, Part A, column e
R
Rent and royalty
PA Schedule M, Part A, column f

Classifying Federal Sales and Other Income

Net gains from disposal of Section 179 property
The application calculates net gains from disposal of Section 179 property, columns b and e, based on the activity entered in the detail asset data entry for assets sold. Use the force fields to enter amounts different from the calculated amount. If a force amounts are entered, they must also be entered on the Rent or D screen.
Net section 1231 gain (loss)
The application calculates net section 1231 gain (loss), columns b and e based on the activity entered in the detail asset data entry for assets sold and the PAInstPY screen for prior-year installment sales. Use these force fields to enter amounts different than the calculated amount. If a force amounts are entered, they must also be entered on the Rent or D screen.
Other income (loss)
These statement dialogs contain all the information entered in federal Schedule K. The
Class Code
 field in the statement allows any item to be classified as interest, business income, dividends, rent and royalty, or gain (loss). The available class codes for other income amounts are shown in the following table and in the list. Federal amounts reclassified for PIT purposes may need to be entered or adjusted on the Rent and/or D screen.
Class Code
Description
Destination
B
Business income (default)
PA Schedule M, Part A, column b
I
Interest
PA Schedule M, Part A, column c
D
Dividend
PA Schedule M, Part A, column d
PG
PA Gain (loss)
PA Schedule M, Part A, column e, and Schedule D, line 1
NG
Non PA Gain (loss)
PA Schedule M, Part A, column e, and Schedule D, line 1
R
Rent and Royalty
PA Schedule M, Part A, column f

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