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Screen PAK1T - Pennsylvania Schedule K1, Estate and Trust (1040)

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Overview

Use this screen to complete Form PA-40 Schedule J, Income from Estates and Trusts. Amounts that appear in the PAK1T screen are automatically transferred from the federal K1T screen. Income and deductions are netted and one total amount per K-1 transfers to Form PA-40 Schedule JT. It's important to report any state-related law differences and details in the PAK1T screen.
note
Add or delete units for this screen in the corresponding federal screen instead.

General Information

Revocable trust
When you mark this field, income isn't considered trust income. Instead, the income is allocated to the appropriate state income categories as follows:
Income Type
Category
Interest income
Schedule A
Dividend income
Schedule B
Net short term / long term / portfolio non-business income
Schedule D
Ordinary business income
Net income or loss from the operation of a business, profession or farm line on PA-40 return
Rental income less expenses
Net income or loss from rents, royalties, patents or copyrights line on PA-40 return
If part-year resident, indicate which Pennsylvania Schedule K-1 to complete
If a copy of Schedule PA RK-1 for Pennsylvania residents or Schedule PA NRK-1 for nonresidents is desired, mark the field to print the form. Part-year residents also need to indicate which of the 2 schedules to print. The UltraTax CS default for part-year residents is to print Schedule PA RK-1. UltraTax CS automatically marks the
Print Schedule (N)RK-1
 field when the return is being filed electronically and the
Beneficiary’s year end distribution percent
 field in the PAK1T screen has information.

Income and Directly Allocable Deductions

Interest income / Ordinary dividend income
State taxable and nontaxable amounts, including adjustments for income from U.S. obligations and municipal bonds, are calculated automatically from information entered in the statement windows attached to the
Interest
 and
Dividends
 fields in the federal K1T screen. The state information entered at the federal level is transferred to statement windows attached to the PAK1T screen where the calculated state taxable and nontaxable amounts are shown.
Force
 (override) fields are available in the state statement windows to override the calculated amounts on an item-by-item basis for part-year returns only.

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