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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.

Fields & buttons

Vermont 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 passing the income through to the shareholder.

Code Description

Individual return filer (default)

This is the default filing for nonresident shareholders when a code is not selected from the drop-down list. Select this option to indicate the shareholder is filing separately as a nonresident.

Composite filer

Select this option to indicate the corporation is filing a composite return on behalf of the nonresident shareholder. UltraTax CS completes Form BI-471 - Business Income Tax Return and calculates the net tax due for participating nonresident shareholders.

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 VTKSep. UltraTax CS prints the information you enter in this statement dialog as a statement on Schedule K-1VT, Page 2 for each shareholder.

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