1041-US: Suppressing allocation of a share of indirect expense to income that is exempt from federal and state tax (FAQ)

Show expandable text

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

How do I suppress allocation a share of indirect expense to income that is exempt from both federal and state taxation?

Answer

Indirect expenses automatically allocate to nontaxable income on the Allocation of Expenses by Income Type Worksheets. Enter X in the Nontaxable income field in the Exclude Indirect Expense section on Screen Allocate in the Allocation folder to suppress this allocation.

 


Related articles 1041-US: Interest, dividends, and tax-exempt income FAQs

Was this article helpful?

Thank you for the feedback!