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Future of professionals report 2025
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Screen CALLCK - California Single Member LLC - Schedule K (1040)
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Overview
Use this screen to complete Form 568, Schedule K.
Activity Information
This section displays the entity information for activities included in the Limited Liability Company. The
Activities included in LLC
statement dialog lists all federal activities included in the LLC. If no data is present in the statement dialog, the LLC is a state unit only and no federal data entry is transferred to the LLC.Income and Expenses
Use this section to enter data to complete Form 568, Page 4, Schedule K. Fields indicated with an (*) default to calculated amounts.
Ordinary income (loss) from trade or business
UltraTax CS defaults to the ordinary income or loss on Schedule B excluding the Section 1231 gains and losses. Enter an amount in this field if different from the calculated amount.
Net income (loss) from rental real estate
UltraTax CS defaults to the net income (loss) on Form 8825. Enter an amount in this field if different from the calculated amount.
Royalties
UltraTax CS defaults to the net income (loss) on the Royalty Income Worksheet. Enter an amount in this field if different from the calculated amount.
Net short-term capital gains (losses)
UltraTax CS defaults to the short-term capital gains and losses included on the LLC Schedule D. Use this field to enter an amount different from the calculated amount.
Net long-term capital gains (losses)
UltraTax CS defaults to the long-term capital gains and losses included on the LLC Schedule D. Use this field to enter an amount different from the calculated amount.
Section 1231 gain
UltraTax CS defaults to the 1231 gains included on Schedule D-1 line 18b. Enter an amount in this field if different from the calculated amount.
Section 1231 losses
UltraTax CS defaults to the 1231 losses included on Schedule D-1 line 18b. Enter an amount in this field if different from the calculated amount.
Section 179 deduction
UltraTax CS defaults to the section 179 deduction from the LLC section 179 Expense Deduction Worksheet. Enter an amount in this field if different from the calculated amount.