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Screen CAK1-4 - California Schedule K-1, 1065 / 1120S - SE, Credits, WH (1040)
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Overview
Use the CAK1 thru CAK1-7 Screens to calculate the California K-1 Reconciliation Worksheets and Schedule CA (540) or Schedule CA (540NR). Amounts that appear in these screens automatically transfer from federal K1 screens or the state allocation spreadsheet. Use this screen to calculate Schedules CA (540), CA (540NR), P (540), and P (540NR).
Self-employment Earnings (Loss)
Net earnings (loss) from self-employment / ... / Conservation reserve program...: Total sources
Information from federal data entry transfers to this screen. Enter the amounts from Schedule K-1, Column D, Total amounts using California law in this column. Fields in this column are used to calculate Columns B and C on Schedule CA (540), and Columns B, C, and D on Schedule CA (540NR).
Net earnings (loss) from self-employment / ... / Conservation reserve program...: California sources
Information from federal data entry transfers to this screen. Enter the amounts from Schedule K-1, Column D, Total amounts using California law in this column. Fields in this column are used to calculate Columns E on Schedule CA (540NR).
Credits and Withholdings
Pass-Through Entity Elective Tax Credit
Enter the credit amount to be used to calculate the Code 242 Pass-Through Entity Elective Tax Credit to report on Schedule P(540/540NR). Related information from each K-1 activity is also reported on Form 3804-CR as supporting documentation. If claiming the credit, enter the California Corporation Number, the Secretary of State (SOS) number, or the federal EIN on the CAK1 Screen to be included on Form 3804-CR.
State income tax withheld: Total sources
Information from
State income tax withheld ()
on the federal K1-4 Screen transfers to this field. This field is used only for basis and at-risk calculations. State income tax withholdings included on Form 540 or 540NR are calculated from federal data entry.California state income tax withheld
California withholding entered on the federal K1-4 Screen defaults to being reported on Form 540, line 71 or Form 540NR, line 81.
The total California withholding attributable to the K1 activity must be entered on the federal K1-4 Screen and must also be reported on the CAK1-4 Screen. If none of the withholding is attributable to Form 592-B or Form 593, no further data entry is necessary as long as the K1 activity has an EIN.
If some or all of the withholding amount is attributable to Form 592-B or Form 593, use 592B Screen or 593 Screen to enter the appropriate amount and the K1 unit number. After you enter that amount on CA592B Screen or CA593 Screen, that amount transfers from Form 540, line 71 to line 73 or from Form 540NR, line 81 to line 83. The difference between the full amount entered on the K1-4 Screen and the amounts accounted for via the CA592B or CA593 Screens is included in the electronic record (along with the EIN of the pass-through entity) as K1 withholding.
It is no longer necessary to use the CAK1-4 Screen to transfer Form 592-B or Form 593 withholding from one line to another.
Foreign Transactions
Gross income from all sources
Information in this field transfers from federal data entry. An amount entered in this field is combined with all other gross receipts in the return to calculate Aggregate Gross Receipts. When Aggregate Gross Receipts is over a certain threshold, certain adjustments are required or disallowed on Schedule P (540) or Schedule P (540NR).
Total foreign taxes paid / ... / Foreign taxes claimed as a credit not deduction: Total sources
These fields are used only for the basis calculations for the Shareholder or Partner Basis Worksheets and Form 6198.
Total foreign taxes paid / ... / Foreign taxes claimed as a credit not deduction: California sources
These fields are used only for the basis calculations for the California sources version of the Shareholder or Partner Basis Worksheets and Form 6198.