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This article applies to:

  • Product: Planner CS

Enter business activities

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Use the following steps to enter information for business activities.
  1. Select the
    Activities
     button in the main data-entry window. The
    Business Activities
     window opens.
  2. In the Activities list, select an existing activity for which you want to enter data, or add a new activity.
    Add a new business activity
    1. Select the
      New
       button in the
      Business Activities
       window.
    2. Enter the name of the activity in the
      Current activity
       field.
    3. Select a passive or material participation category from the
      Type of activity
       field.
    4. Select a Taxpayer or Spouse from the
      Taxpayer/Spouse
       field to specify the individual associated with the new activity.
    5. Select
      No
      ,
      Yes
      , or
      Yes - investment income
       from the
      Recharacterization of passive income?
       field.
      • Select
        Yes
         for a passive activity that is subject to the net income recharacterization rules, such as a self-rental activity.
      • Select
        Yes - investment income
         to treat income and loss amounts from the activity as investment income for purposes of the itemized investment interest deduction and the net investment income tax.
    6. Select
      Program default
       or
      Subject to NIIT
       from the
      Force NIIT treatment
       field.
      • Select
        Subject to NIIT
         for a material participation activity if net income or loss from the activity is subject to net investment income tax.
    7. Mark the checkbox for each form required for this activity in the Forms activity is associated with the group box.
  3. Select the
    Data Entry
     button. Planner CS enables the data-entry tabs for the forms associated with the activity and opens the first tab in the main data-entry window.
  4. Enter data in the tabs and fields. Or, double-click a data-entry field to open a window in which you can enter detailed information or multiple items for that field.
  5. If necessary, repeat the steps in this procedure to enter data for additional business activities.

Enter material participation activities

Enter net self-employment earnings on the Sch K-1 Operating tab. These amounts will transfer to the
SE income from K1s fields
 on the
Income
,
Rental/K-1s
 tab. The net total of Schedule E partnership income that you designate as
Material Participation
 transfers to the Partnership field in the
Income
,
Rental/K-1s
 tab.

Enter nonresident state source amounts

To enter nonresident state source amounts for passive or material participation activities, use the following information instead of the previous procedure.
  • For passive activities, select the state module button on the Planner CS toolbar, select the
    Nonresident
     button, and enter passive activity data in the state's nonresident income tab.
  • For material participation activities, double-click a field in a tab under the Income button and enter state-specific material participation activities in the
    Allocation
     window.

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