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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

How should state tax law difference be accounted for in data entry?

Answer

UltraTax/1041 assumes that if differences in state tax law affect an amount, you will enter the correct state amount at either the federal level or the state level.

• At the federal level: In the statement dialogs for interest, dividend and other income, code the amount with an S for state only. On the multi-unit pass-thru Screens (K1 and K1T) enter the state amount in the field in the State, if Different column.
• At the state level: For multi-unit activity screens (such as C, F, and Rent), change the amount in the state input screen to overrule the amount that UltraTax CS transferred from the federal screen. UltraTax CS displays the new amount in black. When you overrule a transferred amount, UltraTax CS does not overwrite that data with subsequent federal-to-state data transfers. For more details, see Federal-to-state data transfer overview. UltraTax CS assumes that S corporations reported on federal Screen K1 have made an election for New York in accordance with section 660.

Related topic: 1041 New York frequently asked questions

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