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Screen C - Profit or Loss from Business (1040)

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Overview

Use the State allocation spreadsheet for UltraTax/1040 multi-state processing for the C screen. Enter all multi-state data at the federal level via the State allocation spreadsheet for each unit of a single entity.

With the State allocation spreadsheet, individual allocation percentages and allocated net income amounts, in total, are not required to foot with the federal amount, so individual state's law differences can be conveniently taken into consideration.

Use the St CO screen to enter the percentage of federal net income or the amount of net income attributable to a specific state for Schedules C, E, F, and Form 4835 activities. This screen is also used to enter state-specific (California, Hawaii, Kentucky, Massachusetts, Montana, New York, and Wisconsin only) passive (regular and AMT) and section 179 carryover information (including Alabama and New Hampshire) for Schedules C, E, F, and Form 4835 activities. Information entered in this screen automatically transfers to the state for use in state-specific calculations. For more information, access the input screen help for the state by pressing F1 from within a state input screen.

For all states, other than New Jersey (for resident income purposes), Michigan, Oklahoma, and South Carolina (for reporting out-of-state income), allocations apply only
to part-year resident and nonresident processed states.

At-Risk Limitation

Enter amounts that are at-risk in the 6198 screen. See the overview of the 6198 screen for further information.

Auto and Home Office Expenses

Enter all home office and car / truck information in the asset module even if using the standard mileage method.

note

For New Hampshire returns, enter J
or leave the T, S, J
field blank if 100 percent of Form BT-Summary activities are to be allocated to the taxpayer. Only those activities specifically coded S
are assigned to the spouse.

For New York returns, UltraTax CS uses information from this input screen and the related federal Schedule C to calculate New York City unincorporated business tax if NYC
is entered in the City code
field in this screen and Form NYC-202 is attached to the return.

For Yonkers returns, UltraTax CS uses information from this input screen and the related federal Schedule C to calculate the Yonkers nonresident earnings tax.

Source data entry

The UltraTax CS Source Data Entry tool enables you to enter data on facsimile versions of forms your clients submit for the preparation of their tax returns. Once the facsimile forms are completed, you can export the data and transfer it into your client data files via the data sharing feature.

Schedule C - General Information

Note that if the business entered in this unit of the C screen is jointly owned and the qualified joint venture rules are met (see the IRS instructions for Schedule C), the taxpayer and spouse must file a separate Schedule C with their share of income and expenses.

Unit

UltraTax CS automatically enters the next available number in this field. You can replace this number, but you can't leave the field blank. UltraTax CS uses this information to get and coordinate information for the business unit activity. For example, these fields enable linking of information (such as income or loss, sales, credits, and asset detail) for the at-risk and passive calculations.

State

If you are processing a state return, enter the two-character postal code for the state to which this unit belongs. This code is used by the various state applications to help determine in-state and out-of-state amounts.

note

A postal code entry is required for proper state processing.

note

For New Hampshire returns, the two-digit state postal code for the location of each business activity is used to process apportionment Forms BET-80 and DP-80.

Principal business or profession

The principal business or profession you enter in this field prints on Schedule C, line A and is used as the unit description. This is a mandatory entry.

State use code

In the statement, enter the state use code for processing the 1040 state return and the ID number for the state return selected.

Code	Description	State number
2	Form IT-204-LL: NY	State number is not doesn't apply.
3	Form 568: CA	Enter the 7, 9, 10, 11 or 12 digit SOS file number. If no number has been assigned, enter None , None 1 .
4	FAE 170: TN	Enter a Tennessee account number. If no number has been assigned, enter None , None 1 .
5	Form 725: KY	Enter a Kentucky 6-digit LLC account number
7	Form 05-158: TX	Enter a 10-digit SOS file number
8	Tax identification number: HI	Enter Hawaii general/excise use a 12-digit tax identification number. Don’t include letters or dashes.
9	Form LC: KS	Enter up to a 7-digit business entity ID number. If no number has been assigned, enter None .
10	Qualified oil & gas activity: MI	State number doesn't apply
11	Personal service income: SC	State number doesn't apply
12	Form PPT: AL	Enter a 6-digit SOS file number
13	Form RI-1065: RI	Enter the 9-character SOS ID number
14	Form BT Summary (LLC): NH	Enter the 9-character Department Identification Number (DIN), format NL and 7 numbers
15	Form LLC Annual Report: MA	Enter the 9-digit ID number assigned by the Secretary of the Commonwealth
16	LLC Franchise Tax Report: AR	Enter the 9-digit Arkansas filing number
17	Form MTA: NY	State number doesn't apply
19	Forms PHL NPT/BIRT: PA	Enter the 7-digit Philadelphia account number
20	Schedule CT-EITC: CT	Enter the 10- to 13-digit state Tax ID number
21	Schedule DE: WI	State number doesn't apply

note

Michigan Note:
Gross profit from the activity will be included on the Michigan Oil and Gas Worksheet. Total amounts from the Michigan Oil and Gas Worksheet are included on the MI-1040 Schedule 1.

To activate AR, CA, KS, KY, MA, NC, NH, NY, PA, TN, and TX LL/LLC returns, select File
, the Client properties
, the state tab, and mark the checkbox for the form/return in the Other return(s)
section.

City code / name

UltraTax CS uses the code you enter in this field to determine in-city and out-of-city income. After you select a city code from the dropdown, UltraTax CS automatically fills out the City name
field.

For more information, access the input screen help for the city by pressing F1 from within a city input screen.

note

For New York returns, entering NYC
in this field includes the information from this Schedule C in the preparation of Form NYC-202. Enter YON
in this field to include the information on Schedule C of Form Y-203.

State allocation

To access the State allocation spreadsheet, you need to meet the following conditions for the current client.

The client being processed needs to include at least 1 state return.

You need to be viewing Client Organizer Data Entry or Input Screen Data Entry.

For the 4835 and F screens, data must exist in the Description
field.

For the C screen, data must exist in the Principal business
field.

For the Rent screen, data must exist in the Property kind/location
field.

When these conditions have been met, access the spreadsheet by selecting the Allocation icon in this screen.

2 methods (percentage or amount) of allocation can be used to allocate federal unit net income to the states displayed in the State allocation spreadsheet.

note

For all states, other than Michigan, Oklahoma, and South Carolina (for reporting out-of-state income), allocations apply only
to part-year resident and nonresident processed states.

Amount fields that apply to 1 state may not apply to another state. Those amounts that don’t apply to a particular state aren't available (shaded). Amount fields that are not shaded are considered enabled for the state.

New Mexico
: New Mexico requires Schedules C and F federal net income to be apportioned based on sales, payroll, and property owned. Amounts calculated in the State allocation spreadsheet don’t transfer to New Mexico for purposes of the PIT-B calculation. Apportionment information must be entered in the NMAppt screen. For nonresidents with only federal Schedule C income taxable to New Mexico, if qualified to use Schedule CC, the gross income will be multiplied by the New Mexico percentage if allocated by percentage in the State allocation spreadsheet. If allocated by amount, the amount allocated to New Mexico, divided by the total net income, will be multiplied by the gross income. A force field is available in the New Mexico NMNRPY screen if the gross income is different from the calculated amount.

Percentage:
Enter a percentage in XXX.XX format in the 1st field available in the State allocation spreadsheet. Select the state to which this percentage applies from the dropdown. Select the Apply
button. UltraTax CS automatically calculates the amounts attributable to that state and display the amounts in the spreadsheet. The percentage entered for that particular state will appear following the state name for easy reference. If enabled, individual item amounts can be changed (replaced) on the spreadsheet from the amount calculated by UltraTax CS.

Amount:
In cases where a percentage of the federal amounts don’t apply, individual item amounts, if enabled, may be entered in the spreadsheet for the state. Zero (0) is a valid entry and will prevent the state amount from defaulting to the federal calculated amount. If an individual item amount field is left blank, the federal amount, if present, will be used in the state's calculation.

Build-up states that report or otherwise calculate income from these Schedules C, F, E, and Form 4835 activities on an amount by amount basis may be allocated using a percentage only, while passive carryover amounts may be allocated by entering the state-specific carryover amounts within the State allocation spreadsheet.

Other states, which are typically AGI states that require net activity amounts only, may be allocated by percentage or by entering the net amount of activity income/(allowable loss) attributable to the specific state.

note

Passive activity carryover amounts are not available for AGI states other than Kentucky, Montana, and New York.

Unlike income allocations, passive activity and section 179 carryover amounts apply to all residency statuses for CA, HI, KY, MA, MT, and WI, and part-year resident and nonresident statuses for NY.

The State allocation spreadsheet may be printed in a report format for future reference. Select
Print
or Preview
in the lower portion of the spreadsheet. If licensed, you can also print to FileCabinet CS.

note

UltraTax CS lets you enter 0
(zero) in all of these fields.

Business code

Enter the principal business or professional activity code in the field provided, use the Business code search lookup, or use the dropdown to make your selection. The business code description will be displayed in the C screen.

note

For a full list of business codes, review the Instructions for Schedule C on the IRS website.

Business address

UltraTax CS defaults to the home address if the address fields are left blank.

If other

If you entered code 3
in the Accounting method
field, enter the other method here. UltraTax CS prints the information on line F of Schedule C next to the Other (specify)
checkbox.

Inventory method

There is no default for this field. Enter the code that represents the method of inventory.

If other, attach explanation

If you entered code 3
in the Inventory method
field, enter the explanation in the attached statement.

Change in inventory

Use this statement to enter the explanation if there is a change in determining costs, valuations, or quantity between opening and closing inventory. When you enter information in the statement, UltraTax CS marks the Yes
checkbox on line 34 of Schedule C, and the explanation prints with the return.

Material participation?

Enter 2
in this field if the taxpayer didn’t materially participate in this activity. The default is 1
for yes.

note

If you enter 2
, this activity is considered passive and UltraTax CS automatically assigns a passive activity code of 1
.

Activities with a material participation code of 2
and passive code of 1
are considered subject to self-employment tax.

Payments were made that require filing Form(s) 1099

If the taxpayer made any payments during the year that would require them to file any Forms 1099 for this activity, enter 1
for Yes
. If no payments were made that require filing Forms 1099, enter 2
for No
. See the General Instructions for Certain Information Returns, issued by the IRS, to find a chart showing which Forms 1099 must be filed. Separate specific instructions for each Form 1099 are also available from the IRS.

If yes, all required Forms 1099 were or will be filed

This field is available for data entry if 1
for Yes
is entered in the Payments were made that require filing Form(s) 1099
field.

Minister, clergy or religious worker

Enter X
in this field if the Schedule C is for a minister, clergy, or religious worker and expenses for this unit must be reduced by the amount allocable to the tax-free allowance. Additional data may be required in the Clergy screen, located in the Taxes folder, to calculate exclusion accurately, excess allowance, and ramifications to self-employment tax. For additional information, refer to the help for the

Clergy

screen by pressing F1 from any field in that screen.

Self-employment code

Leave this field blank to have the activity be subject to self-employment tax.

note

If a minister is filing Form 4029, mark the field in the OtherTax screen.

If a minister is filing Form 4361, mark the field in the Clergy screen.

Trade or business to which net investment income tax applies

UltraTax CS assumes that the income from a Schedule C activity is not included in net investment income expense for Form 8960 unless the following is true.

C screen Self-employment code
field is 3

C screen Material participation?
field is 2
or the C-3 screen Passive activity code
field is 1

Enter a code in this field to assign the net investment income treatment for this activity if it is different from the default treatment. Enter 1
if the income from this trade or business should be included in the calculation of net investment income on Form 8960. Enter 2
if the income should not be included.

Health insurance premiums

Enter the amount of nonspecified health insurance premiums paid with the insurance plan established or considered to be established with this activity. However, if specified premiums were obtained via the Health Insurance Marketplace, see the following notes section. UltraTax CS automatically calculates the self-employed health insurance deduction for Schedule 1, line 17, of the 1040 (or 1040NR) return.

note

If the taxpayer’s insurance plan for this activity was not obtained via the Health Insurance Marketplace – that is, the premiums paid for health insurance coverage for this business were paid for coverage in a plan that is not a qualified health plan (that is, all premiums paid are considered nonspecified premiums) – UltraTax CS calculates the SE health insurance deduction using the Self-Employed Health Insurance Deduction Worksheet, which is based on the worksheet in IRS Publication 535, Business Expenses. Any amount not allowed as a Page 1 deduction automatically transfers to Schedule A as a medical deduction.

If the taxpayer’s insurance plan for this activity was obtained via the Health Insurance Marketplace, complete the 1095A screen in the Health Care folder for the premiums reported on Form 1095-A, and enter X
in the Apply to SE Health Ins
field for all months that apply.

If the taxpayer has specified premiums and is claiming the premium tax credit, UltraTax CS produces the PTC Worksheets W, X, Simplified Calculation, Y and Z, to determine the self-employed health insurance deduction including any deduction allowed for nonspecified premiums paid in addition to specified premiums. These worksheets are based on the worksheets found in IRS Publication 974, Premium Tax Credit. As indicated in the publication, using the Simplified Calculation Method to determine the deduction and credit amounts is optional. If the taxpayer is eligible for both a self-employed health insurance deduction and PTC for the same premiums, any computation method that satisfies each set of rules may be used so long as the sum of the deduction claimed for the premiums and the calculated PTC, taking the deduction into account, is less than or equal to the premiums.

Long-term care premiums

Use the attached statement to enter eligible long-term care insurance premiums paid on behalf of the taxpayer, spouse, and/or dependents paid with this Schedule C. The deduction is limited based on the age of the taxpayer, spouse, or dependents as designated by the code entered in the statement. Codes are available within the statement to identify for whom the premium was paid. UltraTax CS then verifies the age of the taxpayer or spouse from the date of birth information that you entered in the 1040 screen. For premiums paid on behalf of dependents, choose code 3
, 4
, 5
, 6
, or 7
. UltraTax CS limits each entry as required. See the following limitation table.

Age	Limitation
40 or under	$450
41-50	$850
51-60	$1,690
61-70	$4,510
71 or older	$5,640

UltraTax CS applies the deductible amount to the Self-Employed Health Insurance Worksheet based on the entry in the T, S, J
field at the top of the C screen. If you select J
from the T, S, J
field, the deductible premium amount is split equally between the taxpayer and spouse. The Self-Employed Health Insurance Deduction Worksheet showing the calculation prints when necessary. The amount not allowed as a deduction for Schedule 1, line 16 of the Form 1040 return automatically transfers to Schedule A as a medical deduction.

The codes that are available in the State Use
field in the attached statement are specific to the state postal code entered in the State
field. If state use codes don't apply to the entered state, state use codes aren't available.

note

If no date of birth exists for the taxpayer or spouse, the deduction doesn’t calculate.

If you enter long-term care premiums for the taxpayer or spouse into multiple activities, UltraTax CS is able to limit the total deduction to the maximum allowed based on the age of the taxpayer and spouse at the end of the year. However, UltraTax CS can't limit the deduction for dependents if the data is entered for multiple activities. Therefore, if you enter dependent data in multiple activities, you should not enter more than the allowable limit for each dependent based on their age. Review the previous limits.

W-2 Screen unit # for statutory employee

A dropdown is available for this field when X
is entered in the Statutory employee
field in the W2 screen. The dropdown will list any W-2 for which the Statutory employee
field is marked and applies to the taxpayer or spouse filing the Schedule C (based on the entry in the T, S
field). The employer name and amount of wages will be listed for each W-2. The wages for a selected W-2 will be reported on Schedule C, line 1, and are combined with the employee business expenses entered in Schedule C, Part II. The net statutory employee wages transfer to Form 1040, Schedule 1, line 3, and line 1, Salaries and wages, is reduced by the amount in this field. The amount of wages on the selected W-2 aren't subject to self-employment tax.

note

Enter the amount of statutory wages in the W2 screen and enter X
in the Statutory employee
field.

UltraTax CS automatically enters the code 1
in the Self-employment code
field when a W-2 is selected, allowing exclusion of this income when calculating self-employment tax.

Statutory employee wages (Force)

This amount transfers to Schedule C, line 1 and is combined with employee business expenses entered in Part II of Schedule C. The net statutory employee wages transfer to Schedule 1, line 3 and Form 1040, line 1, Salaries and wages, is reduced by the amount in this field. Any amount entered will override the wages listed for the W-2 selected in the W-2 unit # for statutory employee
field.

note

Also enter the amount of statutory wages in the W2 screen, and mark the Statutory employee
checkbox.

UltraTax CS automatically enters the code 1
in the Self-employment code
field when an amount is entered in this field, which allows exclusion of this income when calculating self-employment tax.

Form 2555 allowable % of foreign inc

The income from this input screen is treated as 100 percent foreign when a Form 2555 allocation code is present. If income from this activity is not 100 percent foreign earned income, enter the foreign percentage. The Form 2555 Allocation Worksheet only allocates and reports the foreign portion of this activity.

note

If this is a trade or business in which personal services and capital were material income-producing factors, enter the percentage that represents the reasonable amount of compensation for personal services in this field.

Form 2555 allocation code

This field is used to allocate the income between the U.S. and foreign earned income (reported on Form 2555 Allocation Worksheet). Income calculated as foreign earned during the assignment is used to calculate the Form 2555 exclusion. Foreign income earned before, during, and after the assignment is reported, less any exclusion, by Form 1116 as eligible for the foreign tax credit. UltraTax CS uses this activity's allocation code to allocate any related self-employment income.

Additional information is required in the 1116, 1116-2, 1116-3, 2555, and 2555-2 screens to report this activity on Forms 1116 and/or 2555. Refer to the input screens for further information.

Community property designation

If the taxpayer is married, files a separate federal return, and resides in one of the following community property states - AZ, CA, ID, LA, NM, NV, TX, WA, or WI (or for registered domestic partners, files a Single or Head of Household federal return, and resides in CA, NV or WA) - use this field to identify whether or not the business income/loss is generated from community property. Enter a 1
if the trade or business is community property and classified as the taxpayer's business. Enter a 2
if the trade or business is community property and classified as the spouse's business. Enter N
if the trade or business is non-community property. Business activity units indicated as community property will be allocated 50/50 to the taxpayer and the spouse when 2 separate clients are created via the Filing Status Optimization tool with the Split income according to Community Property rules option enabled.

For married filing separate individuals, self-employment tax is imposed on the spouse carrying on the trade or business. Therefore, when the community property is designated as the taxpayer's business, UltraTax CS reports the net profit or loss from the spouse's identical Schedule C/C-EZ as taxable community income on Schedule SE line 3 with the literal "Comm Prop TxInc." When the community property is designated as the spouse's business, UltraTax CS reports the net profit or loss from the spouse's Schedule C/C-EZ as exempt community income on Schedule SE line 3 with the literal "CommProp Exempt." If the taxpayer has no other SE income, and Schedule SE is not required, the literal "Exempt Comm Prop Inc" will print on Form 1040, line 56 (or Form 1040-NR line 54).

note

This field is isn't available if a community property state return is not attached or the taxpayer's primary residence indicated on the 1040 screen is not a community property state.

Any entry in this field will proforma to all subsequent years.

The Keogh screen won’t split 50/50 when performing a community property split.

Inactive activity for

2025

Enter X
to indicate that this Schedule C activity was not active for the current tax year. UltraTax CS ignores any data entered in the activity's input screens and asset detail. This unit will proforma to next year. When activity resumes, clear this field.

Disposition of activity

Enter 1
for a complete disposition of the activity. Prior-year passive suspended losses are released and the activity, plus any other related input screens, will be deleted during next year's proforma process. If the activity has any passive activity credit carryforwards, the activity will proforma to keep the passive credits available to use against other passive income, per Form 8582-CR.

Enter 2
if this is a passive activity sold on an installment basis. UltraTax CS treats installment dispositions as follows.

UltraTax CS calculates any allowed losses for the current tax year by multiplying the overall loss by the ratio of current-year gain recognized, divided by unrecognized gain as of the beginning of the tax year. Losses in excess of the allowed amount are suspended and proforma'd to the following tax year.

When the gain recognized in the current year exceeds the current and carryforward losses, all losses are allowed in the current year. Also, any other related input screens are deleted during next year's proforma process. Any activity that is coded 2
with no passive loss carryovers, plus any other related input screens, will be deleted during next year's proforma process.

note

Installment sales for activities that are deleted during the proforma process will continue to be proforma'd to the InstPY screen in the Personal Sale folder. If the activity has any passive activity carryforwards, the activity will proforma to keep the passive credits available to use against other passive income, per Form 8582-CR.

Income

Gross receipts and sales

Enter a description and amount for gross receipts and sales for the activity as needed. Gross receipts for Schedule C for this activity may also come from the 1099M or 1099NEC screen, in the Business folder, by marking the Report income on Schedule C as Gross receipts
field. You may enter information in this field and in the 1099M screen. The amounts from the 1099M or 1099NEC screen will be reported on the Schedule C, line 1. The following fields in the 1099M or 1099NEC screen will be reported as Schedule C gross receipts when the Report income on Schedule C as Gross receipts
field is marked.

1 Rents

2 Royalties
, when the Royalties qualify for capital gain treatment
field is blank.

3 Other income

5 Fishing boat proceeds

6 Medical and health care payments

10 Gross proceeds paid to an attorney
, when the Do not include box 10 proceeds as other income
field is blank

The following field in the 1099NEC screen will be reported as Schedule C gross receipts when the Report income on Schedule C as Gross receipts
field is marked.

1 Nonemployee compensation

Federal Withholding

The federal withholding entered in this field is also used for certain states that calculate a "federal tax adjustment" for a taxpayer and spouse (split return); this amount (for state allocation purposes), will go to the taxpayer or spouse based on the overall activity's T/S/J code at the top of the screen.

State Withholding

State withholding may be entered in the statement attached to this field. If state withholding is present, to indicate who was issued Form 1099-K with state withholding, also enter a T or S in the T/S/J column and the state postal code associated to the state withholding in the Withholding State column. Many states include withholding records in the state electronic file or on withholding forms, and additional information related to the withholding may be required and entered at the state level. Entering a T/S/J code or postal code here doesn’t modify the state source income for the activity. Use the Multi-state allocation spreadsheet to allocate the activity income and use the T, S, J field to indicate to whom the activity income or loss belongs.

note

State withholding amounts entered here transfer to Schedule A, line 5.

Other income

Use the attached statement to record other income information that transfers to Schedule C, Page 1, line 6. A custom dropdown is available in the attached statement.

note

You may also enter other income in the 1099M or 1099NEC screen, in the Business folder. You may enter information in this field and in the 1099M screen. UltraTax CS includes the amounts in the 1099M or 1099NEC screen on the Schedule C, line 6, Other income statement. The following fields in the 1099M or 1099NEC screen will be reported as Schedule C other income.

1 Rents

2 Royalties
, when the Royalties qualify for capital gain treatment
field is blank.

3 Other income

5 Fishing boat proceeds

6 Medical and health care payments

10 Gross proceeds paid to an attorney
, when the Do not include box 10 proceeds as other income
field is blank

The following field in the 1099NEC screen will be reported as Schedule C other income.

1 Nonemployee compensation

note

Other income for Schedule C may also come from the following places.

The Taxable cooperative distributions
field on the 1099P screen in the Business folder. UltraTax CS includes the amounts from the 1099P screen on Schedule C, line 6, Other income statement.

Any CODI screen
in the Elections folder that is associated to the Schedule C activity. Cancellation of debt income previously deferred is to be realized ratably over 5 years beginning in 2014.

Federal Withholding

State Withholding

State withholding may be entered in the statement attached to this field. If state withholding is present, to indicate who was issued Form 1099-B with state withholding, also enter a T or S in the T/S/J column and the state postal code associated to the state withholding in the Withholding State column. Many states include withholding records in the state electronic file or on withholding forms, and additional information related to the withholding may be required and entered at the state level. Entering a T/S/J code or postal code here doesn’t modify the state source income for the activity. Use the Multi-state allocation spreadsheet to allocate the activity income and use the T, S, J field to indicate to whom the activity income or loss belongs.

Other income from recapture

Use these fields to enter amounts required to complete Form 4797, Part IV, Recapture Amounts Under section 179 and 280F(b)(2) When Business Use Drops to 50% or Less. The recapture amount is reported as other income on Schedule C, line 6.

In the Section 179 expense deduction allowable in prior years
and Sec 179 recomputed depreciation
fields, enter amounts to calculate the section 179 recapture.

In the Section 280F (Force) expense deduction allowable in prior years (Force)
and Sec 280F (Force) recomputed depreciation
fields, enter amounts to override (force) UltraTax CS-calculated amounts, if necessary.

Cost of Goods Sold

If you leave the Beginning
and Ending inventory
fields blank and enter amounts in any of the other Cost of Goods Sold
fields, zeros are entered for the beginning and ending inventory amounts.

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Screen C - Profit or Loss from Business (1040)

Overview

Schedule C - General Information

Income

Cost of Goods Sold