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Form Help - Federal Non-Individual

SOLVEDby IntuitUpdated 2 days ago

This article is for federal Non-Individual form-level help. Use the table of contents to jump to the tax module you're working on, and you can find the relevant form within that section. For Federal Indivudual Form help, click here.

Table of contents:

Partnership
S corporation
Corporation
Fiduciary

Partnership

Sch. K-1

Line 2

Self-Rentals and Land for Partnership and S Corporation
Modules: When an S Corporation or a Partnership has a Rental Real Estate
Activity and the Type of Property is classified as Land or Self-Rental, the
Schedule K-1, box 2 Supporting Statement will default to Nonpassive for the
property if Net Income is a gain. Losses will still be reported as Passive. Refer to Treas. Reg. section 1.199A-1(b)(14) and IRS Pub. 925 for more information.

Line 20

Any statements that arise from dispositions with Section 179 will be displayed here as an amount that represents the shareholder's percentage of the disposition. As per the Form Instructions, the disposition information should be transferred to the shareholder or partner's return and not to the corporation or partnership 4797.

Other Information input and codes can be entered in Screen 22. Use CTRL+E for Codes D,H,I,J,K,M,O,P,Q,R,S,T,V,W,X, AH

Page 4a

Screen 13, enter an amount in the Trade or Business (For Services) input that can be specially allocated (screen 29) or flow normally to this line.

-Schedule K-1-

Form 1065

Page 6, Line 12a

Choose Amortization Code 197 in Screen 14 to get assets to print on 12A instead of 9a. Code 197 is available from a dropdown list that appears in the Asset Information section under Regular Depreciation.

-Form 1065 Intangible Assets-

Form 8990

Page 1, Checkbox A,B,C,D

In the Partnership module, input is not available for items A,B,C,D for the form 8990.

-Form 8990-

Form 8824

Page 2, Line 21

Line 21 of Form 8824 is used to designate the amount of the transaction that is categorized as taxable at ordinary income rates due to recapture rules. With a like-kind exchange this is commonly Section 1245 or 1250 Depreciation recapture. Jump to input provides access to either the Dispositions or Depreciation screens.

-Form 8824, Ordinary income-

Form 1065

Page 2, Line 10a

To indicate a Section 754 election on a Partnership return, go to Screen 5, Other Information (Schedule B) and enter a check in the "Partnership is making or has in effect a Section 754 election." This will generate an X on line Page, 2 line 10a of the return.

-Form 1065, 754 election-

Form 1065

Page 1, Line 14

If permitted by the line instructions, you can enter local or city taxes in this section, including state and local sales taxes. It's important to use State, if different to zero out any difference. If the amount seems lower than expected, check to see if Form 8846 is being generated.

-Form 1065 State and local taxes-

Form 4562

Page 1, Line 22

A partnership or S corporation does not include any section 179 expense deduction 4562 (line 12) on this line. Instead, any section 179 expense deduction is passed through separately to the partners and shareholders on the appropriate line of their Schedules K-1.

-Form 4562 Depreciation-

Form 4562

Page 1, Part I, Line 12

The total cost you can deduct is limited to your taxable income from the active conduct of a trade or business during the year. To be considered actively conducting a trade or business, you must meaningfully participate in its management or operations; passive investors are not considered actively conducting a trade or business.

For more information, refer to the article "Calculating Section 179 Business Income Limitation in the Individual Module" on the Intuit Accountants Community website (https://accountants-community.intuit.com/articles/1857174-calculation-section-179-business-income-limitation-in-the-individual-module) or consult the Form Instructions.

-Form 4562 Section 179 Expense deduction-

Form 4797

Page 1, Name Field

Partnerships should not report the sale or other disposition of property on Form 4797 if a Section 179 expense deduction was previously passed through to any of its partners for that property. Instead, this should be reported in Box 20 of Schedule K-1 using Code L.

-Form 4797 Reporting of Section 179 expense deduction-

Form 6252

Page 1, Part I, Line 12

The gain from the disposition is entirely recaptured depreciation, which is fully taxable in the year of sale, even if no payments were received. Otherwise, the prior Section 179 deduction will be reported on the K-1.

-Form 6252 Income recapture from 4797-

Form 8990

Page 2, Line 25

If the partnership has a limitation on business interest expense, the disallowed business interest expense (excess business interest expense) is not carriedover by the partnership, but is allocated tothe partners. Amounts carried to this line flow from Screen 72, Form 8990 - Limitation on Business Interest Expense

-Form 8990 Business Interest expense Limitation-

Form 8990

Page 3, Schedule A, Line 43(f)

Input for this section can be found on Screen 23, Passthrough K-1's, in the Other Information (20,21) section. Enter input in the "Excess taxable income (20AE)" field.

-Form 8990 Section 163(j) Excess items-

Form 1065

Page 1, Line 16a

A partnership or S corporation does not include any section 179 expense deduction 4562 (line 12) on this line. Instead, any section 179 expense deduction is passed through separately to the partners and shareholders on the appropriate line of their Schedules K-1.

-Form 1065 Section 179 expense deduction-

Form 1065

Page 6, Schedule M-1, Line 4a

If Screen 25 has a "4" selected in the Depreciation Method inputs, Screen 14 Depreciation inputs will be visible on Line 4a.

-Form 1065 Schedule M-1 Depreciation-

Form 1065

Page 1, Line F

If the Partnership satisfies all the conditions to the questions asked in Schedule B line 4, then the checkbox for that line is marked Yes and item F on Page 1 of the Form 1065, Total assets, is not required. There is Jump To Input field for this on Screen 5, Other Information (Schedule B). Right click to take you to this checkbox which will generate Yes on the form.

-Form 1065 Total Assets-

Form 1065

Page 6, Schedule L, Line 9a

If the end of year balance from the previous year is missing, no end of year calculation will occur. If an end of year amount is entered, it will act as an override to the auto calculation. Initial year entries are added sequentially. If a year is skipped, the input is the same as for an initial year.

-Form 1065 Buildings and other Depreciable assets-

Form 1065

Page 3, Schedule B, Line 16a and 16b

Screen 5, Other Information (Schedule B) has an input for Line 16 on the Form 1065 and Jump to Input will take you directly to the input field. if left empty, it will default to "NO". Entering either "1" or "2" will cover the other options. If you made any payments in the current tax year that would require you to file Form(s) 1099, enter 1 if you did file or will file all required Form(s) 1099 or enter 2 if you have not filed or will not file all required Form(s) 1099. The program will check the appropriate box(es) on Form 1065, Schedule B.

-Form 1065 1099 Question-

Schedule B-1

Page 1, Part I, (v)

Partners with 50% or higher ending profit, loss, or capital on Screen 8 will automatically appear on this screen. However, input on Screen 5 (Other Information Schedule B) may also display here. Please check for any duplicates or incorrect percentages. Refer to the NOTE at the top of Screen 5 for instructions on how to list any individual, corporation, or partnership.

-Schedule B-1 50% and above Partnership info-

Schedule B-2

Page 1, Part III, Line 3

The checkbox on Screen 5, which states "Partnership is electing out of the centralized audit regime under section 6221 (b). Complete Schedule B-2" near the bottom, will generate the necessary information. This is located in the Other Information (Schedule B) section under the subtopic Election Out of the Centralized Partnership Audit Regime. The elect out will appear on the Form 1065 on Page 4, Schedule B, Line 31.

A partnership can elect out of the centralized partnership audit regime for a taxable year if the partnership is an eligible partnership that year. A partnership is an eligible partnership in the taxable year if it has 100 or fewer eligible partners. Eligible partners are individuals, C corporations, S corporations, foreign entities that would be C corporations if they were domestic entities, and estates of deceased partners. The determination as to whether the partnership has 100 or fewer partners is made by adding the number of Schedules K-1 required to be issued by the partnership to the number of Schedules K-1 required to be issued by any partner that is an S corporation to its shareholders for the taxable year of the S corporation ending with or within the partnership taxable year. A partnership is NOT an eligible partnership if it is required to issue a Schedule K-1 to any of the following partners.

• A partnership.
• A trust.
• A foreign entity that would not be treated as a C corporation were it a domestic entity.
• A disregarded entity described in Regulations section 301.7701–2(c)(2)(i).
• An estate of an individual other than a deceased partner.
• Any person that holds an interest in the partnership on behalf of another person.

-Schedule B-2 Issuance of K-1's rules-

S Corporation

Form 1120S

Page 5, Sch. M-2, Line 1

Statements in this section of the form refer to gains from sec. 179 distributions will not match what is reported on sch. K Line 17 and the K1s because the Sch K does not account for the calculation that will take place after the export. (it’s just a pass-through of info). The Line 3 statement should match the outcome of that calculation after importing to the Individual. 4797.

-Form 1120S, Section 179 distributions-

Form 2553 (Return)

How to generate:

This election is time sensitive. It will not take effect if sent more than 2 months and 15 days after the beginning of the tax year. Forms sent with a return will be for the next tax season, unless the filing date is beyond the limit previously mentioned. See Form 2553 Instructions for details on when and how to file. Input to generate this form can be found in Screen 53.1, S Corporation Election (2553).

-Form 2553, Return-

Form 2553 (Separate)

How to generate:

This election is time sensitive. It will not take effect if sent more than 2 months and 15 days after the beginning of the tax year. Forms sent with a return will be for the next tax season, unless the filing date is beyond the limit previously mentioned. See Form 2553 Instructions for details on when and how to file. Input to generate this form can be found in Screen 53.1, S Corporation Election (2553).

-Form 2553, Separate-

Schedule B-1

How to generate:

To generate this form, in Schedule B of the Federal 1120S, question 3 must be answered Yes. The input for this can be found in Screen 3.1 Misc. Info/Other Info. In the lower left corner of the screen, under Miscellaneous Information, select the Other Information (Schedule B) section. Enter a 1=yes in the "Shareholder was a disregarded entity, a trust, an estate, or a nominee or similar person" input field, which will create the Schedule B-1. To enter shareholder Schedule B-1 information for this schedule, go to Screen 36, Schedule K-1 Miscellaneous.

-SCorp Schedule B-1-

Sch. K-1

Line 20

Any statements that arise from dispositions with Section 179 will be displayed here as an amount that represents the shareholder's percentage of the disposition. As per the Form Instructions, the disposition information should be transferred to the shareholder or partner's return and not to the corporation or partnership 4797.

Corporation

Form 8949

Page 2 (Box D)

Form not generating? Wanting to display all dispositions? Wanting "See Attached Statement" to show? Form 8949 is not required for certain dispositions.
A per-tax-type option is available within the program Options available in the Settings dropdown menu. To view these, select the Tax Return tab. Within the Federal Tax Options, locate the option to Report All Assets on Form 8949.
The Individual override for this option is located on Screen 17.1, Dispositions, within the Carryovers/Misc subscreen. You can also access this screen by clicking the Carryovers/Misc Info link available in left navigation panel: Print all assets on Form 8949: 1=yes, 2=no [O]

Form 1120

Client Letter

Screen 5.1 Client Letter Section Client Letter Screen 5; Code 4 In the Date input field, enter the date in M/D/Y Format to print at the top of the client letter and client invoice. Enter the date as a negative number (-M/D/Y or M/D/Y-) to also print the date at the bottom of Form 1120.

-Form 1120, Client Letter-

Form 982

Page 1, Part III

The Corporate module is the only tax module where Part III of the Form 982 is generated. Input for this section is found in Screen 75, Discharge of Indebtedness. In the General Information section, indicate the discharge type and enter the remaining input in the Form 982-Nonrecognition of Gain Under Section 1081 (if applicable) section.

-Form 982, Nonrecognition of gain-

Schedule E

Page 1, Part I, Line 19

For Line 19, amortized expenses should be allocated to the direct column, rather than the indirect column, to avoid repeating the business use calculation already applied on the depreciation screen.

-Schedule E, amortized expenses-

Schedule D

Page 1, Line 18

If Line 18 not the sum of 16 and 17, check for input in Screen 13 Income, under the Other Income section. There is a "Capital Gain [O]" input which can cause Line 18 on the Schedule D not to foot. Additionally, in Screen 15 Dispositions, check the Overrides section at the bottom of the screen for the presence of any "Total gain [O]" that is not intended.

-Schedule D, Line 18-

Fiduciary

Form 1041

Schedule B Line 7

The Schedule B section can be empty if no distributions are paid out or required based upon the schedules Income Distribution form instructions as line 7 is the total of all activity in lines 1-6 and includes values which can be positive or negative.

-Form 1041 Sch. B-

Form 1041

Page 1, Line 15b

The required supporting statement for this line can be input on Screen 33, Net Operating Loss section, in the "Net operating loss deduction" supporting detail (Ctrl+E) field.

-Form 1041, NOL deduction-

Sch. K-1

Page 1, Line 5 (K-1 Export exception)

When exporting K-1 data from a Fiduciary Beneficiary to another Fiduciary, the amounts on this line will will not export. The amounts on this line will need to be entered on the recieving Fiduciary in Screen 25, Passthrough K-1s, using either Other Income and Deductions - Passive input fields or Other Income and Deductions - Nonpassive input fields.

-Schedule K-1, Exporting K-1 data-

Form 1041-ES

Page 1, Fiduciary Name

Trusts and estates are required to make estimated payments. However, if the Fiduciary is less than two years old, or marked "Initial" in Screen 2.1 under Estate/Trust information, an estimate is not required. To force estimates in Screen 2.1, Miscellaneous Information, enter a '1' in the field 1= decedents estate open more than 2 years [O] (code 18) . This is because the IRS does not require estimated payments for a grantor trust to be made for tax years ending before the second anniversary of the decedent's death. This entry will override the provision and force estimates.

-Form 1041-ES Estimates criteria-

K1 Letter

K1 Letter Salutation

To change the Salutation on the Fiduciary Schedule K1 Letter for a particular return, go to Screen 43 Schedule K-1 Overrides/Miscellaneous, then enter Letter salutation [O] text you wish to appear. This override affects only the client return you are in and will not impact other returns.

-K1 Letter-

Form 1041

Page 2, Line 9

Line 9 is to be completed by all simple trusts as well as complex trusts and decedent's estates that are required to distribute income currently, whether it is distributed or not. The determination of whether trust income is required to be distributed currently depends on the terms of the governing instrument and the applicable local law. Refer to p.28, 29 of Form Instructions.

-Form 1041, income distributions-

Form 1041

Page 1, Line 26

The tax withheld may be prorated to match the distribution amounts if the Credits [O] in screen 9 is set to "2= prorate to beneficiary".

Form 8949

Page 1, Box A

Form not generating? Wanting to display all dispositions? Wanting "See Attached Statement" to show? Form 8949 is not required for certain dispositions.
A per-tax-type option is available within the program Options available in the Settings dropdown menu. To view these, select the Tax Return tab. Within the Federal Tax Options, locate the option to Report All Assets on Form 8949.
The client override for this option is located on Screen 22.1, Dispositions, within the Carryovers/Misc subscreen. You can also access this screen by clicking the Carryovers/Misc link available in left navigation panel: Print all assets on Form 8949: 1=yes, 2=no [O] (code 949).

-Form 8949-

Page 2, Box D (HDI)

Form not generating? Wanting to display all dispositions? Wanting "See Attached Statement" to show? Form 8949 is not required for certain dispositions.
A per-tax-type option is available within the program Options available in the Settings dropdown menu. To view these, select the Tax Return tab. Within the Federal Tax Options, locate the option to Report All Assets on Form 8949.
The client override for this option is located on Screen 22.1, Dispositions, within the Carryovers/Misc subscreen. You can also access this screen by clicking the Carryovers/Misc link available in left navigation panel: Print all assets on Form 8949: 1=yes, 2=no [O] (code 949).

Page 2, Box D, 1(g)

Code X: You can exclude all or part of your gain under the rules explained in the Schedule D Instructions for DC Zone assets or qualified community assets. Report the sale or exchange on Form 8949 as you would if you weren't taking the exclusion. Enter the amount of the exclusion as a negative number (in parentheses) in column (g).

-Form 8949-

Form 1041

Page 1, Line 30

Estimates are not required for new trusts To force estimates: In Screen 2.1 Estate/Trust
Information there is an input field “1=decendant's estate open over 2 years, 2=leave question blank (O)”. In this field, enter a 1. In Screen 12 YYYY Estimated Tax Apply overpayment to YYYY, where YYYY refers to the following tax year. You may also need to enter Overrides in Screen 12 if the program does not calculate estimates as necessary. Where an amended return is involved, the maximum amount that can show on line 30a is Line 29 minus Screen 74 Overpayment from original return.

-Form 1041, Estimates-

Form 1116

Page 2, Line 17

A zero value here means there is no taxable income, and therefore no 1116 foreign tax credit.

-Form 1116, Foreign tax credit-

Form 1116

Page 1, Part I, Line 1a

No adjustments may be necessary; however, if they are, the program will first work through Worksheet A. If Worksheet A does not apply, Worksheet B will be used. If no adjustment is required, refer to the Instructions on page 8 for the Information Diagnostic #7275.

-Form 1116, Adjustments worksheet if necessary-

Form 5227

Page 7, Part V

Form 5227 Input for this section is on screen 48.2. The "Yes" box above must be checked and the input for that is 48.1.

-Form 5227-

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