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Screen MSK1T - Mississippi Schedule K-1, Estates and Trusts (1040)

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Overview

The
MSK1T
 screen is a condensed version of the federal
K1T
 screen. The information that appears in this screen is automatically transferred from UltraTax/1040. Amounts in this section are used to calculate the Forms MS 80-108 and 80-105/205.
Income or loss from trade, business, rental, etc.
Use
Everywhere
 and
InState
 to change calculated amounts to be reported on the Mississippi individual return, as needed. The amount in
Federal
 is the calculated value that appears on the federal Schedule E, Page 2 for that activity.
For resident returns, UltraTax CS defaults to using the
Federal
 calculated amount to populate the Mississippi return unless data exists in the
Everywhere
 column. The
Everywhere
 column is updated when there are differences between the
Federal
 and
State, if different
 amounts in the federal
K1
 input screen.
For part-year and non-resident returns, if
State, if different
 amounts exist for Mississippi, UltraTax CS calculates
InState
 without regard to at-risk and passive rules and uses both
Federal
 and
InState
 to complete the return. The
Federal
 amount is used to populate column A of Forms MS 80-205 and MS 80-108, while column B of Form 80-205 uses the
InState
 amount. If there are no differences, UltraTax CS completes both columns of Form 80-205 using
Federal
 amounts. Enter an amount in
Everywhere
 to report tax law differences and to complete column A of Form 80-205.
Short term capital gain or loss / Long term capital gain or loss
UltraTax CS transfers the amounts entered in the
State, if different
 fields in the federal
K-1
 screen to these fields. Use these fields to force amounts to be reflected on the Mississippi Capital Gain / Loss Reconciliation Worksheet.

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