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Screen PAK1 - Pennsylvania Passthrough Schedule K-1 - Income (1065)
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Overview
Use this screen to enter and/or verify partnership and trust information necessary to complete Form PA-20S / PA-65, PA Schedule D, PA Schedule E, and PA Schedule J. If the partnership is a partner / member in another partnership or trust, all applicable data is transferred from the federal K1 screen.
Classify Federal Income from Other Entities
Net income (loss) from rental real estate / Net income (loss) from other rental activities / Royalties
Information from the federal K1 screen for rental real estate, other rental activities, and royalties transfers to the statement attached.
Class Code
in the statement can classify any item as business income or rent and royalty. Select F4 to see a list of available codes. Additional amounts may be entered on a blank line. The available class codes are shown in the following table.
Class Code | Description | Destination |
|---|---|---|
B | Business income | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, column b |
R | Rent & royalties (default) | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, column f |
Interest
The statement contains all of the interest information entered in the federal K1 screen.
Class Code
in the statement can classify any item as interest, business income, dividend, rent and royalty, or gains. Select F4 to see a list of available codes. Additional amounts may be entered on a blank line. The available class codes for interest amounts are shown in the following table.
Class Code | Description | Destination |
|---|---|---|
I | Interest (default) | PA Schedule M, Reconciliation of Federal Taxable Ordinary Income to PA Taxable Business/Farm, Interest, column c |
B | Business income | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column b |
D | Dividends | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column d |
R | Rent & royalties | PA Schedule M, Reconciliation of Federal Taxable Ordinary Income to PA Income Interest, column f |
G | Gain | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column e |
US interest
The statement contains all of the U.S. interest information entered in the federal K1 screen.
Type Code
in the statement can classify any item for purposes of PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Section C, line b, Income from U.S. Obligations and the PA Schedule A, line 7, PA exempt interest included in federal portfolio income. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. The application displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.
Type code | Description | Destination |
|---|---|---|
I | Include in US interest (Default) | The amount transfers to PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest and is included in Reconciliation of Federal Taxable Income to PA Taxable Income Section III, line b or PA Schedule A, line 8 |
E | Exclude from US interest | The amount transfers to PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Part A, Interest but isn't included in Reconciliation of Federal Taxable Income to PA Taxable Income, Section III, line b or PA Schedule A, line 8 |
Class Code
in the statement can classify any item as interest, business income, dividends, or rent and royalty. Select F4 to see a list of available codes. Additional amounts may be entered on a blank line. The available class codes for U.S. interest amounts are shown in the following table.
Class Code | Description | Destination |
|---|---|---|
I | Interest (Default) | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column c |
B | Business income | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column b |
D | Dividends | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column d |
R | Rent & royalties | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Interest, column f |
Dividends
The statement contains all the information entered in the federal K1 screen for dividend income.
Class Code
in the statement can classify any item as dividend or business income. Select F4 to see a list of available codes. Additional amounts may be entered on a blank line. The available class codes for dividend amounts are shown in the following table.
Class Code | Description | Destination |
|---|---|---|
D | Dividends (default) | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Dividends, column d |
B | Business income | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Dividends, column b |
R | Rent & royalties | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Dividend, column f |
Other portfolio income (loss)
The statement contains all the portfolio income information entered in the federal K1 screen.
Class Code
in the statement can classify any item as interest, business income, dividends, or rent and royalty. Select F4 to see a list of available codes. Additional amounts may be entered on a blank line. The available class codes for other portfolio income amounts are shown in the following table.
Class Code | Description | Destination |
|---|---|---|
I | Interest (default) | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column c |
B | Business income | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column b |
D | Dividends | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column d |
R | Rent & royalties | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column f |
Other income (loss)
The statement contains all other income information entered in the federal K1 screen.
Class Code
in the statement can classify any item as interest, business income, dividends, rents and royalties, or gains. Select F4 to see a list of available codes. Additional amounts may be entered on a blank line. The available class codes for other income amounts are shown in the following table.
Class Code | Description | Destination |
|---|---|---|
B | Business income (default) | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column b |
I | Interest | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column c |
D | Dividends | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column d |
R | Rents & royalties | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column f |
G | Gain | PA Schedule M, Reconciliation of Federal Taxable Income to PA Taxable Income, Other income (loss), column e |
Pass through sales with section 179, if different from Pennsylvania business income: Pennsylvania business income / Gain (loss) from sales
The application transfers information from the federal K1Sale screen to these boxes. The amounts entered in these boxes are used to update the defaulted federal income in the
Pennsylvania taxable business income (loss) from operations
and Net gain (loss) from the sale, exchange, or disposition of property
boxes in the PAK1-2 screen.