1065-US: Calculating Schedule K, line 14c - Gross nonfarm income (FAQ)

Alerts and notices

Question

How does UltraTax CS calculate Schedule K, line 14c - Gross nonfarm income?

Answer

UltraTax CS uses Form 1065, Page 1, line 3, Gross profit plus Form 1065, Page 1, line 7, Other income (loss) plus Gross nonfarm income entered on screen K1-3 to determine the amount of Schedule K, line 14c, Gross nonfarm income for partners subject to self-employment. Some individual partners need this amount to figure net earnings from self-employment under the nonfarm optional method in Schedule SE (Form 1040), Section B, Part II.

Notes

  • To force the gross farming or fishing income and nonfarm income to calculate for all partners, mark the Calculate gross farm and nonfarm income for all partners field in Screen K-3.
  • Use the Gross nonfarm income (Force) field in Screen SepK to force a different amount, including zero (0), for Schedules K and K-1.

Related topic: Self-employment FAQs (1065)

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