Partner Data Entry > Federal tab

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

Use the Federal tab in the Partner Information window in Partner Data Entry to enter information for Schedule B-1, Schedule M-3, Forms 8804 and 8805, Form 8938, the section 108(i) election, and the Partner's Basis Worksheet for each applicable partner.

To update an existing partner's federal information, click that partner in the Partner Name list and then click the Federal tab.

Note: If any information does not appear in the Partner Information window, check your screen resolution. UltraTax CS supports normal fonts and a resolution of 1024x768 or higher.

Fields & buttons

Schedule B-1 information group box

Enter the indirect percentage for the maximum percentage owned in profit, loss, or capital. UltraTax CS adds the percentage you enter in this field to the highest of the partner's profit, loss, or ownership capital percentages on the partner's Schedule K-1, item J. If the partner has a combined interest of 50 percent or more, UltraTax CS answers yes to Form 1065, Schedule B, line 3a or 3b and transfers the partner information to Schedule B-1.

If the partner has a combined interest of 50 percent or more, enter the country of organization or the country of citizenship.

Note: If the country of organization or citizenship is the United States, leave this field blank. UltraTax CS automatically enters United States on Schedule B-1.

Mark this checkbox if the partner should be treated as a corporation on Schedule B-1. If you do not mark this checkbox, UltraTax CS reports the entity as an individual.

Note: This field is applicable only if Disregarded Entity is selected in the Entity field in the Partner tab.

Mark this checkbox if the partner should be treated as an individual on Schedule B-1. If you do not mark this checkbox, UltraTax CS reports the entity as a trust.

Note: This field is applicable only if Grantor Trust (Subj to SE) is selected in the Entity field in the Partner tab.

Schedule M-3 information group box

Mark this checkbox if the partner is a reportable entity partner for Schedule M-3. If you mark this checkbox, the partner's name, EIN (Employer Identification Number), and maximum deemed ownership percentage transfer to Schedule M-3.

Notes

  • If you mark this checkbox, UltraTax CS calculates and prints Schedule M-3.
  • A reportable entity partner is a partner that owns or is deemed to own an interest of 50 percent or more in the partnership's profit, loss, or capital on any day during the tax year of the partnership and was required to complete Schedule M-3 on the partner's most recently filed federal income tax return.
  • This field is applicable only if Partnership, Corporation, or S Corporation is selected in the Entity field in the Partner tab.
  • Select only the two reportable entity partners with the largest maximum percentage of deemed ownership.

If the Reportable entity partner field is marked for this partner, enter the maximum deemed ownership percentage for Schedule M-3.

Form 8805 information group box

Select the foreign country code for this partner from the drop-down list. UltraTax CS prepares a Form 8805 for each partner with a foreign country code entered if the Suppress Forms 8804 and 8805 checkbox is not marked in Screen 8804 in the Foreign Withholding folder.

Note: This field is applicable only if the Foreign checkbox is marked for this partner in the Partner tab.

Enter the partner's account number assigned by the partnership, if applicable.

Note: This field is applicable only if the Foreign checkbox is marked for this partner in the Partner tab.

Mark this checkbox if the partnership's effectively connected taxable income is exempt from US tax for this partner. UltraTax CS uses this information to mark the corresponding field on Form 8805.

Note: This field is applicable only if the Foreign checkbox is marked for this partner in the Partner tab.

Mark this checkbox if the partner has a valid de minimis certificate for a nonresident alien individual partner on file in accordance with Regulations section 1.1446-6(c)(1)(ii) and the section 1446 tax due for this partner is less than $1,000. UltraTax CS uses the partner's income to reduce the effectively connected taxable income allocable to foreign partners on Form 8804.

Notes
  • This field is applicable only if the Foreign checkbox is marked for this partner in the Partner tab.
  • To report partial deductions and losses allocable to a specific partner that reduce effectively connected taxable income, enter the amounts and specially allocate them in the statement dialogs for the Reductions to effectively connected taxable income: State and local taxes / Partner-level items on Form 8804-C fields in Screen 8804 in the Foreign Withholding folder.

Section 108(i) election information group box

Mark this checkbox if the partner has not provided to the partnership the information necessary to calculate the amount of decrease in liabilities that will be treated as a distribution of money (section 752) in the current year (from a section 108(i) election to defer cancellation of debt income). If you mark this checkbox, UltraTax CS prints the following disclaimer on the Partner's Section 108(i) Annual Information Statement: "Partner did not provide the information necessary to report these amounts."

Basis group box

Mark this checkbox to suppress the printing of the Partner's Basis Worksheet for this partner only. Mark the Suppress calculation of partner basis worksheets field in Screen Basis in the Partner Info, Basis folder to suppress the calculation of the basis worksheet for all partners.

Note: The Partner's Basis Worksheet will still calculate for the partner when this checkbox is marked, and the partner's ending basis will be included in the proforma of beginning of year basis to next year's UltraTax CS.

Form 8938 information group box

Mark this checkbox to indicate that this partner closely holds the partnership for Form 8938, Page 1, line 4. Partners marked here are added to partners entered in the Specified individual(s) who closely holds the partnership field on Screen 8938; therefore, do not mark this partner if you’ve already entered them on Screen 8938.

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