Nonbusiness income on Form 1045 Schedule A and NOL Worksheet 1

UltraTax CS automatically includes the following nonbusiness income components on the Net Operating Loss Worksheet 1, line 7:
  • Taxable interest and dividend income
  • Taxable state and local refunds (less the business portion)
  • Alimony received
  • Taxable distributions from pensions and IRAs
  • Taxable Social Security and railroad retirement benefits
  • Income from estates and trusts
  • Income from REMICs
  • Miscellaneous income not subject to self-employment tax
  • Portfolio income
  • Net royalty income
  • Amounts entered in the
    Nonbusiness income adjustment
    field on the
    1045-3
    screen in the
    1045 & NOL
    folder

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