2018 UltraTax CS
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Use the following procedure to enter tax-exempt interest or dividend income that is considered source tax-exempt income for a state tax return.
- In the folders block, click the Income folder to open Screen Income.
- Click the statement button for the Interest income (including foreign source) field.
Note: The same statement is available on Screens K1 and K1T for the Interest income including tax-exempt field or on Screen Broker for the Interest income (including foreign source) field.
- Enter a postal code in the Postal Code column. If the postal code column is blank, the state will not recognize the amount as source income.
- Enter an amount or percent in the InState Muni ($ or %) column to indicate the portion of the Total Tax Exempt column that is considered source tax-exempt income for the state indicated in the Postal code column. If this field is blank, no portion of the tax-exempt income will be considered source tax-exempt income.
Notes
- Each line in the statement is a separate entry. A postal code and source amount or percent is necessary for each line.
- Enter private activity bond interest amounts in both the Total Tax Exempt column and the Private Act Bond Portion column. Form 1041, Schedule I uses the private activity bond amount.
- The same columns are available for the same purposes in the statement for the Dividends (including foreign source) field.
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