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.
Use the state tabs in the Shareholder Information window to enter state-specific information for shareholders. State tabs appear only if you have added states to the return.
To update a shareholder's state-specific information, click that shareholder in the Shareholder Information window, and then click the appropriate state tab.
Fields & buttons
Kentucky information group box
Enter the code from the following table or choose the code from the drop-down list, to select the nonresident return to be filed by the shareholder. UltraTax CS defaults to the withholding return.
| Code |
Description |
| 1 |
Withholding (default) This is the default filing for nonresident shareholder when a code is not selected from the drop-down list. Select this option to indicate the shareholder is subject to withholding on Form 740NP-WH. |
| 2 |
Exempt from withholding Select this option to indicate the shareholder is exempt from withholding. UltraTax CS does not complete Form 740NP-WH for this shareholder. A shareholder is exempt from withholding if one of the following factors apply: the shareholder is exempt from Kentucky income tax, the shareholder is a nonresident individual and the pass-through entity is a qualified investment pass-through entity, or the shareholder is a pass-through entity. |
| 3 |
Composite filer Select this option to indicate that the corporation is filing a composite return on behalf of the nonresident shareholder. UltraTax CS completes Form 740NP-WH and calculates the net tax due for all nonresident shareholders. |
UltraTax CS automatically calculates each nonresident shareholder's amount of Kentucky distributive income. Enter an amount in this field to force the shareholder's share of income subject to withholding to a different amount. The amount entered in this field transfers to Form PTE-WH for each nonresident shareholder subject to Kentucky's withholding requirements.
Mark this checkbox if the shareholder is a Single Member LLC. If this checkbox is marked, UltraTax CS marks the Single Member LLC checkbox for the type of entity on the Kentucky Schedule K-1, Page 1.
Mark this checkbox if the shareholder is a ESOP. If this checkbox is marked, UltraTax CS marks the ESOP checkbox for the type of entity on the Kentucky Schedule K-1, Page 1.
UltraTax CS provides this statement dialog for supplemental information specific to each shareholder. Use this statement dialog only for items that are not pro-rata. If you have pro-rata items that need to be reported to each shareholder, use Screen KYKSep. UltraTax CS prints the information you enter in this statement dialog on the K-1 statements box, line 45.
UltraTax CS
