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Screen CAK1-2 - California Schedule K-1, 1065 - 1120S - Current Income (1040)
Overview
Use the CAK1 thru CAK1-7 Screens to calculate the California K-1 Reconciliation Worksheets and Schedule CA (540) or Schedule CA (540NR). Amounts that appear in these screens automatically transfer from federal K1 screens or the state allocation spreadsheet.
General Information
Passive activity code
The passive activity code entered in the federal K1-2 Screen transfers to this field. Code
4 Real estate professional
is not applicable to California and is not available in the fieldview attached to this field. UltraTax CS automatically changes a code 4 Real estate professional
entered in the federal K1 Screen to code 2 Rental real estate w/active participation
in this field. The code may be changed as needed to code 1 Other passive
when the additional loss deduction for rental real estate activities is not applicable to the activity.Farming activity (For Net Earnings from Self-Employment Worksheet)
Schedule K1 self-employment income to be reported on the California Net Earnings from Self-Employment Worksheet defaults to non-farm profit (loss). Mark this field to report the self-employment income from this K1 activity in the Farm profit (loss) section of the worksheet.
Income
Information that appears in this section is automatically transferred to this input screen from the federal K1-2 Screen or the state allocation spreadsheet.
Total sources:
Information from federal data entry transfers to this input screen. Enter the amounts from Schedule K-1, Column D, Total amounts using California law in this column. Fields in this column are used to calculate Columns B and C on Schedule CA (540) and Columns B, C, and D on Schedule CA (540NR).
California sources:
Information that appears in the California sources column transfers to this screen from federal data entry. Enter amounts from Schedule K-1, Column E, California sources amounts and credits adjusted as necessary per state law. Fields in this column are used to calculate Column E on Schedule CA (540NR).
Interest / Dividends
Interest and dividend information entered in the federal K1-2 Screen transfer to this statement dialog for use in the shareholder or partner basis and at-risk calculations only.
Force
fields are available in the statement dialog to adjust these amounts as needed on an item-by-item basis. Columns identified as In-St
amounts are used only for Part-year or Nonresident basis calculations. Interest and dividend income included on Schedule CA (540) or Schedule CA (540NR) is calculated from the statement dialogs in the federal B&D, K1, and K1-T Screens.Section 1202 gain
California does not allow the federal Section 1202 exclusion on capital gains. Furthermore, California no longer allows an exclusion under California section 18152.5. Amounts entered here are treated as long-term capital gains on California Schedules D (540) and D (540NR).