New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Question

What K1 income items are automatically included in Form 6198 calculations?

Answer

The application automatically includes all income amounts entered in Screen K1-2 and the Other tax-exempt income field in Screen K1-5 and uses those amounts in the allocation of at-risk amounts. The application includes amounts entered in the Nondeductible expenses field in Form 6198, Part I, Other deductions and uses those amounts in the allocation of at-risk amounts. Amounts entered in the Cash and marketable securities distributions and Property distributions fields in Screen K1-5 are included as decreases to at-risk basis in the simplified and detailed method calculations.

Related topic: Form 6198 - At-risk calculations FAQs (1040)

Was this article helpful?

Yes No

Submit