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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

Where do I enter information for Schedule B-1?

Answer

UltraTax CS automatically completes Schedule B-1 for any partner whose direct plus indirect profit, loss, or capital percentage at the end of the tax year is 50 percent or more. UltraTax CS uses the greater of the profit, loss, or capital percentage at the end of the year from Schedule K-1 as the direct percentage and uses the percentage entered in the Indirect percent for maximum profit, loss, or capital field in the Federal tab in the Partner Information window in Partner Data Entry as the indirect percentage.

Corporation, partnership, grantor trust, trust, exempt organization, and foreign government partners are included on Schedule B-1, Part I and individual and estate partners are included on Schedule B-1, Part II. UltraTax CS automatically reports disregarded entity partners as individuals on Schedule B-1, Part II. If a disregarded entity partner should be reported as a corporation, mark the Report entity as corporation checkbox in the Federal tab in the Partner Information window in Partner Data Entry. UltraTax CS defaults the country of organization or citizenship to United States if the Country (if not US) field is blank.

To enter information for qualifying partners who are not included in Partner Data Entry (such as partners with only indirect ownership), use the Entities owning, directly or indirectly, 50% or more of the partnership fields in Screen OthInfo. UltraTax CS defaults the country of organization or citizenship to United States if the Country of Organization (if not US) or Country of Citizenship (if not US) column is blank.

Related topic: Schedules B and B-1 FAQs (1065)

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