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Screen MJCK1 - Michigan Cities Schedule K-1, Partnership, and S Corporation (1040)

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Overview

Use this screen to complete partnership and S Corporation information for a Michigan City return. Partnership and S Corporation data from federal Screens K1, K1-2, and K1 Reconciliation transfers to this screen. The data can be edited as relevant to the Michigan City return. For passive activities, edit income by changing the
Total Schedule E page 2 income
 field on this screen, no other adjustments are necessary.

General information

Use this section to verify federal information. Enter information in the fields that transfer from the federal
K1
 screen only to change data for city purposes.
If the business entity is a partnership, the net income or loss from this section transfers to the applicable integrated city returns according to your city code entry.
If the business entity is an S Corporation, UltraTax CS treats the undistributed share of income or loss from the Partnership and S Corporation Income section as
non-taxable
 on Michigan City returns, except for the cities of Grand Rapids and Flint resident-only returns.
City returns for Port Huron don't use this screen for partnership income. Because Port Huron begins with the federal income amount, any exclusions of partnership income must be entered in the
MJPORGen
 screen.
For passive activities, edit income by changing the
Total Schedule E income page 2
 field in this screen.

Partnership and S Corporation Income

Ordinary business income (loss)
Edit the transferred amount in this field if you don’t want to use the federal amount. If the business activity is an S Corporation, this amount is not includable as city income or loss. For more information, refer to the General information on this screen.

S Corporation Distributions, Gains, and Losses

Information in this section transfers from the
Property distributions
 field in the federal
K1-5
 screen and the other gain (loss) reported on the
Form 1040
 field in the federal K1 Reconciliation Worksheet. Edit the transferred amount in this section if you don’t want to use the federal amount. If the business entity is an S Corporation, UltraTax CS treats property distributions as
taxable
 on Michigan City resident returns.
Property distributions
Information in this section transfers from the
Property distributions
 field in the federal
K1-5
 screen. Edit the transferred amount if you don’t want to use the federal amount. If the business entity is an S Corporation, UltraTax CS treats property distributions as
taxable
 on Michigan City resident returns.
Form 4797 Part I
Enter an amount to override the calculated amount from the federal K1 Reconciliation Worksheet.
Form 4797 Part II
Enter an amount to override the calculated amount from the federal K1 Reconciliation Worksheet.
Total Schedule E page 2 income
For passive activities, enter an amount to override the calculated amount from the federal K1 Reconciliation Worksheet. This amount prints on Form CF-1040, Page 1,
Exclusion, and adjustment
 field.

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