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Screen MSK1-3 - Mississippi Schedule K-1 - Deductions (1065)

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Overview

UltraTax CS automatically transfers all applicable federal K1-3 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.

Deductions

Section 179 expense deduction
Enter the passthrough section 179 expense deduction. The amount entered here is added to the partnership’s total section 179 expense and then is subject to the section 179 expense limitation before transferring to the return.
Form 4684 short-term loss from income producing property
UltraTax CS automatically transfers Form 4684 short-term loss from income producing property amounts from the federal K1-2 Screen. Calculated amounts from federal Form 4684, Page 2 are automatically transferred to Mississippi Form 84-122, Page 2, line 24, Form 84-131, and Mississippi Schedule K-1. To adjust this amount, enter the adjustment amount and specially allocate in the MSK1-2 Screen. To adjust a non-passthrough entity, use the MSAdj Screen.
Other deduction items: Form 4684 loss
UltraTax CS automatically transfers Form 4684 loss from federal
K1-3
 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.

Credits, Pass-through Entity Taxes, Supplemental

Income tax credits
Credits entered here are used only to produce a Form 84-132 for the electronic file. Use the
MSCredit
 screen to enter all credits for Form 84-401, including credits from pass-through Schedules K-1.

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