With the release of 2015 UltraTax/1065, each partner’s Schedule K-1 package will provide a worksheet with income and expenses broken down by activity. We made changes to input screens and data entry fields to support this activity-based reporting for partners. We also changed several single-unit input screens to multiple-unit input screens.
Input Screen Changes
The Income & Deductions, Schedule K, Farm, Farm Rental and Rent & Royalty folders now include Screen SepK. Within each activity folder, you can specially allocate inputs for guaranteed payments, Section 179 expense and Section 1231 gain (loss).
Screens Cr through Cr-5 are now multi-unit and have been moved from the Credits folder to the Income & Deductions, Farm, Farm Rental and Rent & Royalty folders.
In addition, we added the Partner’s Schedule K-1 Activity Worksheet to distinguish information reported on Schedule K-1 by activity.
- Six different activities are distinguished on the activity worksheet: Page 1, Farms, Farm Rentals, Rent & Royalty Properties, passthrough Schedules K-1 and Miscellaneous.
- The worksheet distinguishes the Schedule K-1 boxes and codes required to complete an accurate and valid individual tax return.
For More Information
For details regarding activity-based reporting and other enhancements to UltraTax/1065, see the User Bulletin for the 15.1.0 initial release.