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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

What are the components of nonbusiness income and deductions on Form 1045 Schedule A and NOL Worksheet 1?

Answer

Nonbusiness income

UltraTax CS automatically includes the following on Net Operating Loss Worksheet 1, line 7:

• Taxable interest and dividend income
• Taxable state and local refunds (less the business portion)
• Alimony received
• Taxable distributions from pensions and IRAs
• Taxable Social Security and Railroad Retirement Benefits
• Income from Estates and Trusts
• Income from REMICs
• Miscellaneous income not subject to self-employment tax
• Portfolio income
• Net royalty income
• Amounts entered in the Nonbusiness income adjustment field on Screen 1045-3, located under the 1045 & NOL folder

Nonbusiness deductions

UltraTax CS automatically includes the following on Net Operating Loss Worksheet 1, line 6:

• Taxpayer and spouse IRA deductions
• Taxpayer and spouse self-employed health insurance deductions
• Student loan interest deduction
• Keogh, SEP, and SIMPLE deductions
• Penalty on early withdrawal of savings
• Alimony paid
• Other adjustments
• Itemized deductions, (less any casualty or theft losses and unreimbursed employee business expenses), or the standard deduction if taken
• Amounts entered in the Nonbusiness deduction adjustment field on Screen 1045-3, located under the 1045 & NOL folder

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