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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.

Automatic completion of Schedule K-2 for S Corporations

If the S Corporation has no foreign source income, no assets generating foreign source income, no foreign partners, and no foreign taxes paid or accrued, the Schedule K-2 may still be required. UltraTax CS automatically transfers data from Form 1120-S to the U.S. source column on Schedule K-2, Part II and Schedule K-2, Part III, Section 2, Line 1 when you enter X in the S Corporation has no foreign activity field in Screen K2 in the Schedule K-2 folder.

Data used from Form 1120-S to automatically complete Schedule K-2

UltraTax CS prints the Schedule K-2 Worksheet when you enter X in the S Corporation has no foreign activity field in Screen K2 in the Schedule K-2 folder. The worksheet provides the detail of the amounts from Form 1120-S used to complete the U.S. source column of Schedule K-2, Part II and Schedule K-2, Part III, Section 2, Line 1. 

Change amounts used to automatically complete Schedule K-2

Use Screen K2USOnly in the Schedule K-2 folder to change the amounts UltraTax CS uses to automatically complete Schedule K-2.

The Schedule K-2 Worksheet provides the detail of the amounts from Form 1120-S that are used to complete the U.S. source column of the Schedule K-2. The worksheet also designates the amounts not determined by UltraTax CS, such as Gross income from services. Use Screen K2USOnly to change the amounts used to automatically complete Schedule K-2, or enter amounts not determined by UltraTax CS.

Other data required for automatic completion

You will need to complete the applicable fields in the U.S. source column in Screen K2-5 in the Schedule K-2 folder.

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