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Schedule K-2 automatic completion

Automatic completion of Schedule K-2 for S Corporations

If the S Corporation has no foreign source income, no assets generating foreign source income, no foreign partners, and no foreign taxes paid or accrued, the Schedule K-2 may still be required. UltraTax CS automatically transfers data from Form 1120-S to the U.S. source column on Schedule K-2, Part II and Schedule K-2, Part III, Section 2, Line 1 when you enter
X
 in the
Complete Schedules K-2 and K-3 when S Corporation has no foreign activity
field in the
K2
 screen in the
Schedule K-2
 folder.

Data used from Form 1120-S to automatically complete Schedule K-2

UltraTax CS prints the Schedule K-2 Worksheet when you enter
X
 in the
Complete Schedules K-2 and K-3 when S Corporation has no foreign activity
 field in the
K2
 screen in the Schedule K-2 folder. The worksheet provides the detail of the amounts from Form 1120-S used to complete the U.S. source column of Schedule K-2, Part II and Schedule K-2, Part III, Section 2, Line 1.

Change amounts used to automatically complete Schedule K-2

Use the
K2USOnly
 screen in the
Schedule K-2
 folder to change the amounts UltraTax CS uses to complete Schedule K-2 automatically.
The Schedule K-2 Worksheet provides the detail of the amounts from Form 1120-S used to complete the U.S. source column of the Schedule K-2. The worksheet also designates the amounts not determined by UltraTax CS, such as Gross income from services. Use the
K2USOnly
 screen to change the amounts used to complete Schedule K-2 automatically, or enter amounts not determined by UltraTax CS.

Other data required for automatic completion

You'll need to complete the fields in the U.S. source column in the
K2-5
 screen in the
Schedule K-2
 folder.

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