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Use the state tabs in the Shareholder Information window to enter state-specific information for shareholders. State tabs appear only if you have added states to the return.

To update a shareholder's state-specific information, click that shareholder in the Shareholder Information window, and then click the appropriate state tab.

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Iowa information group box

If the shareholder is a nonresident, enter a code from the following table or select the code from the drop-down list to indicate the type of nonresident filing to be made by the shareholder. If the shareholder is a nonresident, UltraTax CS defaults to filing an individual income tax return for the shareholder.

Code Description

Individual return filer (default)

This is the default filing for nonresident shareholder when a code is not selected from the drop-down list. Select this option to indicate the shareholder is filing an individual income tax return.

Composite filer

Select this option to indicate the corporation is filing a composite return on behalf of the nonresident shareholder. UltraTax CS completes Form IA 1040C for participating nonresident shareholders.

Mark this checkbox if the corporation is a bank. If this checkbox is marked, UltraTax CS marks the Bank checkbox for the shareholder type on the Schedule K-1 for Iowa.

Enter the standard deduction for each nonresident shareholder reported on the composite return if you want to override the amount automatically calculated by UltraTax CS. UltraTax CS uses this information to calculate Form IA 1040C - Composite Individual Income Tax Return.

Enter the amount of tax withheld for the shareholder. UltraTax CS uses this information to complete the Schedule K-1 for Iowa.

UltraTax CS provides this statement dialog for supplemental information specific to each shareholder. Use this statement dialog for items that are not pro-rata. If you have pro-rata items that need to be reported to each shareholder, use Section A in Screen IAKSep. UltraTax CS prints the information you enter in this statement dialog in the Iowa Schedule K-1 statements.

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