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Screen K1-2 - Form 1065/1041 Schedule K-1 - Income and Deductions (1065)
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Overview
Use this screen to enter data from Schedules K-1 received from other partnerships, estates, or trusts where the current partnership is a partner or beneficiary. Enter data from the current partnership in all other screens. The information in this screen automatically transfers to all related forms and schedules.
Screen arrangement
To the left of each field in the K1-2 Screen, the application details the Form 1065 and Form 1041 Schedule K-1 line and code reference number, if applicable. The line and code reference number indicate where to enter each item from the passthrough Schedule K-1.
Data sharing
You can automatically share K-1 financial data among all 1040, 1041, 1120, and 1065 clients. For clients that are partners in a partnership, you can choose to share the Schedule K-1 financial data in total or by activity. (Financial data can transfer into 1120C clients, but not out of these clients.) For details, see Data sharing overview.
note
You must review all data you share among clients.
Income (continued)
In addition to the fields in this screen, the application automatically calculates and transfers deferred income included in the current year from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary from the K1CODI Screen to Schedule K, Income (Loss).
Form 4684 long-term loss from trade/business property / Form 4684 long-term loss from income producing property / Form 4684 long-term gain
Enter involuntary conversions from the passthrough activity. These amounts transfer to Form 4684, Page 2. Enter the loss amounts as positive numbers.
Section 1202 gain
Enter IRC section 1202 gains from the passthrough activity. By default, these amounts transfer to Schedule D. To include the amounts on Schedule K, Other income (loss), instead of Schedule D, enter
X
in the Partnership qualifies for section 1202 exclusion
field in the General Information section in the K1 Screen.Other income (loss)
Use the statement to enter other income or loss from the passthrough activity. This amount transfers to Schedule K, Other income (loss).
If you export the Schedule K-1 information for any partner in this client's return from UltraTax CS/1065 into UltraTax CS/1040 or UltraTax CS/1041, complete the
K-1 Export
column in the statement.Deductions
In addition to the fields in this screen, the application automatically calculates and transfers deferred OID deductions allowable as a deduction in the current year from Schedules K-1 received from other partnerships, estates, or trusts in which the current partnership is a partner or beneficiary from the K1CODI Screen to Schedule K, Deductions.
Section 179 expense deduction
Enter the section 179 expense from the passthrough activity. These amounts transfer to Form 4562, Part I, Election To Expense Certain Property Under Section 179. The application automatically calculates the allowable deduction.
Section 179 expense allowed
The application automatically calculates the allowed section 179 expense attributable to this passthrough activity. Enter an amount in this field if you want a different amount to be allocated to this unit.
Excess business interest expense
Amounts entered in this field are reported on Form 8990, Page 3, Schedule A. These amounts are not carried over to Schedule K-1, Box 13K.
These amounts are not carried over to Schedule K-1, Box 13K. Per the IRS, excess business interest expenses received from a lower-tier 1065 stay on the upper-tier return as a carryover, reported on Form 8990, Page 3, Schedule A.
Form 4684 short-term loss from income producing property
Enter the short-term loss from involuntary conversions of income producing properties from the passthrough activity. This amount transfers to Form 4684, Page 2. Enter the loss amount as a positive number.