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Screen KYLLCGen - Kentucky Single Member LLC - General Information (1040)
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Overview
Use this screen to complete Form 725, Kentucky Single Member LLC Individually Owned Income and LLET Return. If information transferred from UltraTax/1040 doesn't require additional data or coding, UltraTax/1040-KY shows it on the form only, not in the input screen.
Federal-to-state input screen and asset module data transfer
If information is transferred from federal input screens or from the asset module to a state input screen, the application shows the transferred data in blue, for example: 
.
.If necessary, you can overrule the transferred amount by entering the amount in the field. The application then shows the new amount in black.
note
- When you overrule a transferred amount, the application doesn't replace that amount with subsequent federal-to-state or asset module data transfers.
- To delete the overruled amount and restore the original transferred amount, right-click the field and selectDelete overruleor simply enter the original amount in the field.
- To verify the accuracy of the overruled amount, right-click the field and selectAcknowledge overruled data. The application then turns off the acknowledge functionality from the right-click menu. To restore the original amount later, you'll need to enter it manually.
- You can set a user preference to select fields for which you overruled the transferred amounts and to list all overruled amounts in theDiagnosticswindow.
Statements
Many data entry fields provide predefined statements in which you can enter additional information.
Accessing frequently asked questions
To view answers to common questions about calculations and data entry issues, select
Help
, Additional Resources
, then Frequently Asked Questions
.Activity Information
This section shows the entity information for activities included in the Kentucky Single Member LLC return. The
Activities included in Limited Liability Company
statement window lists all federal activities included in the LLC return. If no data is present in the statement window, the LLC is a state unit only; no federal data entry is transferred to the LLC. Refer to the 1040 Kentucky FAQs
for detailed information on creating LLC activities.Create an LLC with no federal activity
Enter
X
to create an LLC activity when the LLC account number isn't included on any federal activity input screen. Refer to the 1040 Kentucky FAQs
for detailed information on state-only LLC activities.Kentucky LLC account number
If a state-only unit is created, use this field to enter the six digit account number. Refer to the
Kentucky FAQs
for detailed information on creating LLC activities.Taxpayer or spouse
If a state-only unit is created, use this field to indicate ownership.
Activities included in Limited Liability Company
Activities are transferred into this field from the federal input screens that have the same state use code and account number. All the activities included in this statement window are combined together into one LLC Form 725. This statement is for informational purposes only.
State of organization
Enter the state of organization. Note that UltraTax CS defaults to the federal postal code if no information is entered in this field.
Principal activity in Kentucky
Enter the principal activity of the single member LLC. Note that UltraTax CS defaults to the federal
Principal activity
field if no information is entered in this field.Initial return
Mark the checkbox to indicate this is an initial return. Note that UltraTax CS defaults to the federal
Began/acquired business this year
field from Schedule C if no information is entered in this field.Explanation of final return
Use the statement window to enter the explanation for a final return. UltraTax CS marks the checkbox on LLC Form 725/725-EZ, Page 1 and includes the explanation in the required statements attached to the return.
Explanation of amended return
Use the statement window to enter the explanation for an amended return. UltraTax CS marks the checkbox on LLC Form 725, Page 1 and includes the explanation in the required statements attached to the return.
General footnote
Enter a footnote in the statement window. This is a statement that may be printed and attached to the return for informational purposes. The general footnote appears as a separate item in each collation.
Net Distributable Income
Ordinary income (loss) (Force)
Use this field to enter an amount different from the calculated amount of the ordinary income attributable to the Kentucky LLC from all sources. UltraTax CS defaults to the federal ordinary income amount.
Net income (loss) from rental real estate activities (Force)
Use this field to enter an amount different from the calculated amount of the rental real estate activities attributable to the Kentucky LLC from all sources. UltraTax CS defaults to the federal rental real estate activities amount.
Net income (loss) from other rental activities (Force)
Use this field to enter an amount different from the calculated amount of the other rental activities attributable to Kentucky from all sources. UltraTax CS defaults to the federal other rental activities amount.
Interest income
Use this field to enter the amount of the interest income attributable to Kentucky LLC from all sources. UltraTax CS defaults to the federal interest income amount.
Dividend income
Use this field to enter the amount of the dividend income attributable to Kentucky LLC from all sources. UltraTax CS defaults to the federal dividend income amount.
Royalty income (Force)
Use this field to enter an amount different from the calculated amount of the royalty income attributable to Kentucky from all sources. UltraTax CS defaults to the federal royalty income amount.
Net short-term and long-term capital gain (loss)
Use these fields to enter the amount of the net short-term and long-term capital gain (loss) attributable to Kentucky LLC from all sources. UltraTax CS defaults to the federal net short-term and long-term capital gain (loss) amount.
Section 1231 net gain or (loss)
Use this field to enter the amount of the Section 1231 gain or (loss) attributable to Kentucky LLC from all sources. UltraTax CS defaults to the federal Section 1231 gain or (loss) amount.
Other income (loss)
Enter other income attributable to Kentucky LLC in the statement window attached to this field. UltraTax CS includes these as other income on LLC Form 725, Kentucky Single Member LLC Individually Owned Income and LLET Return.
Other deductions
Enter other deductions attributable to Kentucky LLC in the statement window attached to this field. UltraTax CS includes these as other deductions on LLC Form 725, Kentucky Single Member LLC Individually Owned Income and LLET Return.
Tax and Limited Liability Entity Tax
Use this section to override calculated amounts on LLC Form 725.
Gross receipts
Use these fields to override the calculated amount of the gross receipts attributable to Kentucky sales and gross receipts from all sources. UltraTax CS defaults to the federal gross receipts amount.
Cost of goods sold
Use these fields to override the calculated amount of the cost of goods sold attributable to Kentucky sales and cost of goods sold from all sources. UltraTax CS defaults to the federal cost of goods sold amount.
Returns and allowances
Use these fields to override the calculated amount of the returns and allowances attributable to Kentucky sales and returns and allowances from all sources. UltraTax CS defaults to the federal returns and allowances amount.