Nonbusiness income on Form 1045 Schedule A and NOL Worksheet 1
UltraTax CS automatically includes the following nonbusiness income components on the Net Operating Loss Worksheet 1, line 7:
- Taxable interest and dividend income
- Taxable state and local refunds (less the business portion)
- Alimony received
- Taxable distributions from pensions and IRAs
- Taxable Social Security and railroad retirement benefits
- Income from estates and trusts
- Income from REMICs
- Miscellaneous income not subject to self-employment tax
- Portfolio income
- Net royalty income
- Amounts entered in theNonbusiness income adjustmentfield on the1045-3screen in the1045 & NOLfolder
