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Partner Data Entry > Federal tab
Show all hidden content
Use the
Federal
tab in the Partner Information
window in Partner Data Entry
to enter information for Schedule B-1, Schedule B-2, Schedule K-1, Schedule M-3, the Partner's Basis Worksheet, Forms 8804, Form 8805, and Form 8938, for each partner.To update an existing partner's federal information, select that partner in the
Partner Name
list then select the Federal
tab.note
If any information doesn't appear in the
Partner Information
window, check your screen resolution. UltraTax CS supports normal fonts and a resolution of at least 1024x768.Fields and buttons
Schedule B-1 information group box
Indirect percent for maximum profit, loss, or capital
Enter the indirect percentage for the maximum percentage owned in profit, loss, or capital. UltraTax CS adds the percentage you enter in this field to the highest of the partner's profit, loss, or ownership capital percentages on the partner's Schedule K-1, item J. If the partner has a combined interest of 50 percent or more, UltraTax CS answers yes to Form 1065, Schedule B, line 2a or 2b and transfers the partner information to Schedule B-1.
Country (if not US)
If the partner has a combined interest of 50 percent or more, enter the country of organization or the country of citizenship.
note
If the country of organization or citizenship is the United States, leave this field blank. UltraTax CS automatically enters United States on Schedule B-1.
Report disregarded entity as a corporation
Mark this checkbox if the partner should be treated as a corporation on Schedule B-1. If you don't mark this checkbox, UltraTax CS reports the entity as an individual.
note
You can only use this field if
Disregarded Entity
is selected in Entity
in the Partner tab.Report grantor trust as an individual
Mark this checkbox if the partner should be treated as an individual on Schedule B-1. If you don't mark this checkbox, UltraTax CS reports the entity as a trust.
note
You can only use this field if
Grantor Trust (Subj to SE)
is selected in Entity
in the Partner tab.Schedule B-2 information group box
Eligible foreign entity
Mark this checkbox if the partner is an eligible foreign entity for Schedule B-2. If you mark this checkbox, the partner will be reported as eligible partner code F on Schedule B-2.
Schedule K-1 information group box
Decrease in ownership due to sale or exchange
Mark this checkbox if this partner has a decrease in ownership due to a sale or exchange of partnership interest for Schedule K-1, item J.
More than one activity for at-risk purposes
Mark this checkbox if more than one activity is being aggregated for at-risk purposes for this partner. If you mark this checkbox, UltraTax CS marks the corresponding fields on Form 1065, Page 1, item K(1) and Schedule K-1, box 21.
note
- IfAggregated activities for section 465 at-risk purposesin the1065screen has been marked, UltraTax CS automatically marks box 21 on Schedule K-1 for all partners.
- Use theKSupscreen in the Partner Info, Basis folder to enter information regarding the aggregated activities.
More than one activity for passive activity purposes
Mark this checkbox if more than one activity is being grouped for passive activity purposes for this partner. If you mark this checkbox, UltraTax CS marks the corresponding fields on Form 1065, Page 1, item K(2) and Schedule K-1, box 22.
note
- IfGrouped activities for section 469 passive activity purposesin the1065screen has been marked, UltraTax CS automatically marks box 22 on Schedule K-1 for all partners.
- UseKSupscreen in the Partner Info, Basis folder to enter information regarding the grouped activities.
Schedule M-3 information group box
Reportable entity partner
Mark this checkbox if the partner is a reportable entity partner for Schedule M-3. If you mark this checkbox, the partner's name, EIN (Employer Identification Number), and maximum deemed ownership percentage transfer to Schedule M-3.
note
- If you mark this checkbox, UltraTax CS calculates and prints Schedule M-3.
- A reportable entity partner is a partner that owns or is deemed to own an interest of 50 percent or more in the partnership's profit, loss, or capital on any day during the tax year of the partnership and was required to complete Schedule M-3 on the partner's most recently filed federal income tax return.
- You can only use this field ifPartnership,Corporation, orS Corporationis selected inEntityin thePartnertab.
- Select only thetworeportable entity partners with the largest maximum percentage of deemed ownership.
Maximum deemed ownership percentage
If
Reportable entity partner
is marked for this partner, enter the maximum deemed ownership percentage for Schedule M-3.Basis group box
Suppress printing of basis worksheet
Mark this checkbox to suppress the printing of the Partner's Basis Worksheet for this partner only. Mark
Suppress calculation of partner basis worksheets
in the Basis
screen in the Partner Info, Basis folder to suppress the calculation of the basis worksheet for all partners.note
The Partner's Basis Worksheet will still calculate for the partner when this checkbox is marked, and the partner's ending basis will be included in the proforma of beginning of year basis to next year's UltraTax CS.
Form 8805 information group box
Foreign country code
Select the foreign country code for this partner from the dropdown list. UltraTax CS prepares a Form 8805 for each partner with a foreign country code entered if the
Suppress Forms 8804 and 8805
checkbox isn't marked in the 8804
screen in the Foreign Withholding folder.note
You can only use this field if the
Foreign
checkbox is marked for this partner in the Partner tab.Account number
Enter the partner's account number assigned by the partnership.
note
You can only use this field if the
Foreign
checkbox is marked for this partner in the Partner tab.Partnership income is exempt from US tax
Mark this checkbox if the partnership's effectively connected taxable income is exempt from US tax for this partner. UltraTax CS uses this information to mark the corresponding field on Form 8805.
note
You can only use this field if the
Foreign
checkbox is marked for this partner in the Partner tab.De minimis partner certificate on file
Mark this checkbox if the partner has a valid de minimis certificate for a nonresident alien individual partner on file in accordance with Regulations section 1.1446-6(c)(1)(ii) and the section 1446 tax due for this partner is less than $1,000. UltraTax CS uses the partner's income to reduce the effectively connected taxable income allocable to foreign partners on Form 8804.
note
- You can only use this field if theForeigncheckbox is marked for this partner in the Partner tab.
- To report partial deductions and losses allocable to a specific partner that reduce effectively connected taxable income, enter the amounts and specially allocate them in the statement windows for theReductions to effectively connected taxable income: State and local taxes / Partner-level items on Form 8804-Cfields in the8804screen in the Foreign Withholding folder.
Form 8938 information group box
Specified individual who closely holds the partnership
Mark this checkbox to indicate that this partner closely holds the partnership for Form 8938, Page 1, line 4. Partners marked here are added to partners entered in the
Specified individual(s) who closely holds the partnership
field on the 8938
screen; therefore, don't mark this partner if you’ve already entered them on the 8938
screen.