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Screen MSK1-2 - Mississippi Schedule K-1 - Income (1065)

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Overview

UltraTax CS automatically transfers all applicable federal
K1-2
 screen information to this input screen. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and does not overwrite the new data with subsequent federal-to-state data transfers. Amounts that are specially allocated for federal purposes will need to be specially allocated for state purposes.

Income

Interest
UltraTax CS automatically transfers interest income amounts from federal
K1-2
 screen to the statement. Interest income from US obligations automatically transfers to Form 84-122, Page 1, line 11. Use the
Expenses related to US obligation
 field in the
MSAdj
 screen to adjust interest income from US obligations.
Other income (loss) items: Form 4684 loss/gain
UltraTax CS automatically transfers Form 4684 loss/gain amounts from federal
K1-2
 screen. Use the
Total 4684 long-term gain (loss) from passthrough entities
 field on the
MSAdj
 screen to allocate the net amount from Form 4684 to partners.
Other income (loss): Section 1202 gain
UltraTax CS automatically transfers Section 1202 gain from federal
K1-2
 screen. By default, these amounts are treated as long-term capital gain. To include the amounts as other income, enter
X
 in the
Partnership qualifies for section 1202 exclusion
 field in the
General Information
 section in the federal
K1
 screen.

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