Screen Broker - Consolidate Broker Statement (1040)

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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.

Overview

Use this screen to enter consolidated broker statements. Otherwise, use the B&D and/or 6781 screens.

If you enter the same information in two different screens, the amounts on the return will be double. Delete any duplicate information from the other screen or skip entering the amounts on this screen.

General Information

Include last four digits of account number in payer name on Schedule B

Interest and dividend amounts entered on the Broker screen are identified with the Payer’s Name for Schedule B reporting purposes. If the same payer name appears on more than one unit of the Broker screen, mark the Include last four digits of account number in payer name on Schedule B field, and the payer description will include the last four digits entered in the Account number field at the top of the screen.

Interest, Dividend

Interest income

Use the statement to enter multiple payers and codes to classify the interest income. If the paid amount is less than $1,500 and no special codes are needed, enter the amount directly on the Broker screen.

For more instructions on using this field, click the link below for the type of interest you're entering.

Field Description
F/S If the interest is federal-only or state-only, code it as federal or state. If the interest should be reported on both federal and state, leave this field blank. If there are multiple states on the return, see Entering interest and dividend income for a multi-state return.
  • Massachusetts and Pennsylvania:Do not use code S for interest entries with the state code MA or PA.
  • Wisconsin: For interest earned from a health savings account which is subject to Wisconsin tax, enter S in the F/S column, WI in the State column, and code 14 in the State Use These entries enable the interest amount to appear as taxable on Schedule I, line 2h.
Type Code Use this field to categorize an adjustment amount or to indicate that the interest is a series EE or I bond that is eligible for the 8815 exclusion. Do not use a code when you enter taxable or tax-exempt interest other than series EE or I bond. Instead, if an item of interest income requires an adjustment, enter the total amount received on one line, then create a second line with a type code of 3, 4, 5, or 6, and enter the adjustment as a positive amount in the Interest Income field.
Payer Enter the payer name. You can enter multiple lines with the same payer name. You can also enter the total interest per-payer on one line if you don’t need different type codes, OID Box codes, FATCA coding, or different state treatments in the US Ob ($ or %), In-State Muni ($ or %), In-State Source %, State, State Use, or State ID No.
Interest Income Enter the amount of taxable interest income or to enter an adjustment amount. For taxable interest income, leave the Type code field blank. If you want to enter an adjustment amount, use Type code 3, 4, 5, or 6 and enter the adjustment amount as a positive number. Do not include any tax-exempt interest in the amount you enter here. For state returns, the amount you enter in this field may be affected by the Us Ob ($ or %) field; see the details on that field.
Tax Exempt Enter the amount of tax-exempt interest. Include interest income attributable to private activity bonds issued after 8/7/86. For state returns, the amount you enter in this field may be affected by the In-State Muni ($ or %) field; see the details on that field.
AMT Int Income (PAB) Enter tax-exempt income attributable to private activity bonds issued after 8/7/86. UltraTax CS uses this amount for Form 6251 calculations. You also need to enter this amount in the Tax Exempt field to calculate Schedule B properly.
Early W/D Penalty Enter the early withdrawal penalty amount. This amount transfers to Schedule 1, Part II, line 17.
Inv Exp Enter investment expenses. 
Fed W/H Enter federal income tax withheld. This withholding amount transfers to Form 1040, line 17.
State W/H Enter state tax withheld. This withholding amount transfers to Schedule A, line 5a and the appropriate line of the state return.
US Ob ($ or %) If any interest income is attributable to U.S. government obligations and nontaxable to the state, enter the nontaxable amount in this field. If you enter a percentage, UltraTax CS will automatically calculate the nontaxable amount by applying the percentage to the amount you entered in the Interest Income field.
In-State Muni ($ or %) If any dividend income is nontaxable to the state, enter the nontaxable amount in this field. If you enter a percentage, UltraTax CS will automatically calculate the nontaxable amount by applying the percentage to the amount you entered in the Tax Exempt field.
In-State Source % For part-year and nonresident state return calculations, use this field to enter the percent of the interest that is sourced to the state you enter in the State field. If you leave this field blank, UltraTax CS treats the income as 100% state source for the state you enter in the State field. If you leave both this field and the State field blank, UltraTax CS treats the income as 0% state source for any nonresident and part-year resident states on the return.
State This field works in conjunction with the State W/H, US Ob ($ or %), In-State Muni ($ or $), In-State Source %, State Use, and State ID No fields. If you need to use any of those fields, enter the state that the related field applies to.
State Use Use this field to indicate special treatment for the state you entered in the State field. There is not a state use code for every state and the codes vary depending on the state. If the code you are looking for isn't in the list, check for a code in the state data entry. If there are no codes available, make a manual adjustment to the amounts in your return.
State ID No Enter the state ID number, which may come from 1099-INT box 16 or 1099-OID box 13.
OID Box Use this field when state withholding is present for KY, MA, ND, NE, OH, PA. Enter 1 if the income is reported in Box 1, Original issue discount. Enter 2 if the income is reported in Box 2, Other periodic interest. Enter 8 if the income is reported in Box 8, Original issue discount on U.S. Treasury obligations.
The following fields are available when you click the globe icon Show/hide foreign columns to show foreign columns.
Foreign Amt (if different) Enter the foreign source interest income. If the foreign amount is the same as the Interest income amount you entered for this line, you can skip this field and mark the X if Foreign field. To show or hide this field, click the globe icon at the top of the window.
Foreign Tax Paid Enter the amount of foreign taxes paid on foreign interest income. If you enter an amount in this field and leave the Foreign Amt (if different) field blank, UltraTax CS uses the Interest Income field amount as foreign source income for Form 1116. To show or hide this field, click the globe icon at the top of the window. 
X if Foreign Use this field to indicate that the interest you entered on this line is foreign and to transfer the foreign amounts to Form 1116. If you enter an amount in either the Foreign Amt (if different) or Foreign Tax Paid fields, UltraTax CS fills out this field automatically. To show or hide this field, click the globe icon at the top of the window. 
FATCA Enter X if the FATCA checkbox is marked in the source document. There may be additional filing requirements for Form 8938 and/or FinCEN Form 114. Review the filing instructions for more information.
Do Not Proforma Use this field to delete the item on next year's proforma.

Dividend income

Use this field to enter dividend income (including foreign amounts for Form 1116) for Schedule B Part II. If you do not want the payers' names proforma'd, the paid amount is less than $1,500, and no special codes are needed, enter the amounts directly in the B&D screen. Otherwise, open the statement and use the fields as described in the table below.

For more instructions on using this field, click the link below for the type of dividends you're entering.

Field Description
F/S If the dividend income is federal-only or state-only, code it as federal or state. If the dividend income should be reported on both federal and state, leave this field blank. If there are multiple states on the return, see Entering interest and dividend income for a multi-state return.
Type Code Use this field to make a nominee adjustment. See Enter nominee distribution amounts.
Payer Enter the payer name. You can use the same payer name on multiple lines of dividend income.
Ordinary Dividend Enter ordinary dividends from Form 1099-DIV box 1a. Do not include any tax-exempt amounts in this field. For state returns, the amount you enter in this field is affected by the Us Ob ($ or %) field; see the details on that field.
Qualified Dividend Enter qualified dividends from Form 1099-DIV box 1b. Do not include any tax-exempt amounts in this field.
Total Cap Gain Enter the total capital gain distributions.
Sec. 1250 Enter section 1250 capital gain distributions. There are additional fields for unrecaptured section 1250 gain at the bottom of the B&D screen.
Sec. 1202 Enter section 1202 gains. Part or all of the section 1202 gain entered in this field may be eligible for an exclusion from income. If the section 1202 gain is eligible for the exclusion, enter a code in the 1202 Excl Code field and enter the name of the corporation whose stock was sold in the 1202 Corp reported on 1099-DIV field at the bottom of the B&D screen.
1202 Excl Code If the taxpayer qualifies for the exclusion, enter or choose the code that represents the appropriate exclusion.
28% Cap Gain Enter 28-percent capital gain distributions.
Tax Exempt Amount Enter total tax-exempt dividends, including dividend income attributable to private activity bonds issued after 8/7/86. Do not enter any tax-exempt dividends in the Ordinary Dividend or Qualified Dividend fields. For state returns, the amount you enter in this field is affected by the In-State Muni ($ or %) field; see the details on that field.
AMT Exempt Div (PAB) Enter dividend income attributable to private activity bonds issued after 8/7/86. UltraTax CS uses this amount for Form 6251 calculations. To calculate Schedule B properly, enter this amount again in the Tax Exempt Amount field.
Sec. 199A Div Enter the portion of the amount in box 1a that may be eligible for the 20% qualified business income deduction under section 199A. This amount may be reported on Form 1099-DIV, box 5. This amount will be used for the qualified business income deduction calculations.
Inv Exp Enter investment expenses.
Fed W/H Enter federal income tax withheld on dividend income. UltraTax CS transfers this amount to Form 1040, line 17.
State W/H Use this field to enter state tax withheld on dividend income. UltraTax CS transfers this amount to Schedule A, line 5a.
US Ob ($ or %) If any dividend income is attributable to U.S. government obligations and nontaxable to the state, enter the nontaxable amount in this field. If you enter a percentage, UltraTax CS will automatically calculate the nontaxable amount by applying the percentage to the amount you entered in the Ordinary Divided column.
In-State Muni ($ or %) If any dividend income is nontaxable to the state, enter the nontaxable amount in this field. If you enter a percentage, UltraTax CS will automatically calculate the nontaxable amount by applying the percentage to the amount you entered in the Tax Exempt Amount column.
In-St Src %

For part-year and nonresident state return calculations, use this field to enter the percent of the dividend income that is sourced to the state you enter in the State field. If you leave this field blank, UltraTax CS treats the income as 100% state source for the state you enter in the State field. If you leave both this field and the State field blank, UltraTax CS treats the income as 0% state source for any nonresident and part-year resident states on the return.
State If you are using the State W/H, US Ob ($ or %), In-State Muni ($ or %), In-State Source %, State Use, and/or State ID No. fields, enter the state that the related field(s) applies to.
State Use Use this field to indicate special treatment for the state you entered in the State field. There is not a state use code for every state and the codes vary depending on the state. If the code you are looking for isn't in the list, check for a code in the state data entry. If there are no codes available, make a manual adjustment to the amounts in your return.
State ID No. Use this field to enter the state ID number, which may come from 1099-DIV box 14.
The following fields are available when you click the globe icon Show/hide foreign columns to show foreign columns.
Foreign Ord Div Use this field to enter the amount of foreign ordinary dividends. If the foreign amount is the same as the Ordinary Dividend amount, you can skip this field and mark the X if Foreign field.
Foreign Qual Div Use this field to enter the amount of foreign qualified dividends. If the foreign amount is the same as the Qualified Dividend amount, you can skip this field and mark the X if Foreign field.
Foreign Cap Gain Use this field to enter the amount of foreign capital gains. If the foreign amount is the same as the Total Cap Gain amount, you can skip this field and mark the X if Foreign field.
Foreign Tax Paid Use this field to enter the amount of foreign taxes paid on foreign source income to calculate Form 1116.
X if Foreign If there if foreign source income in this line, put an X in this field. If you mark this, UltraTax CS uses the Foreign Tax Paid amount and the Foreign Ord Div, Foreign Qual Div, or Foreign Cap Gain amounts to calculate Form 1116. If you did not enter an amount in those fields, UltraTax CS uses the Ordinary Dividends, Qualified Dividends, or Total Gap Gains amount.
FATCA If the FATCA checkbox is marked in the source document, like the 1099-DIV, put an X in this field. There may be additional filing requirements for Form 8938 and/or FinCEN Form 114. Review the filing instructions for more information.
Do Not Proforma Use this field to delete the item on next year's proforma.

Record of nondividend & liquidating distributions

Use this statement to enter details about nondividend and liquidating distributions. This information is not part of the return calculations but does print with the Client Carryforward Memos and Checklists worksheet. If the distribution constitutes a taxable event, use the Proceeds statement to enter the information.

Foreign income/taxes from a mutual fund or other regulated investment company (RIC)

Enter X if the foreign income (interest and dividends) and taxes on this screen are from a mutual fund or other regulated investment company (RIC). "RIC" will print on Form 1116, Page 1, line i. You don’t need to report RIC on a country-by-country basis.

Note: This field is inactive if the Foreign country or possession code/name fields have data.

Foreign country or possession code/name

Information in this field reports on Form 1116 to take a credit for foreign taxes paid (unless the taxpayer qualifies for and elects exemption from the foreign tax credit limitation).

Note: The Foreign country or possession code/name fields are inactive if the Foreign income/taxes from a mutual fund or other regulated investment company (RIC) field is marked.

Sales Transactions

Proceeds from broker transactions

Use this statement to enter capital gains and losses. For complete instructions, click the link for the type of capital gain or loss you're entering:

Field Description
8949 Box Choose a code to indicate whether a sale was reported on a 1099-B and if basis was reported to the IRS. Once you choose a code, the sale will report either on Schedule D or on the 8949. For codes 1-3, you cannot choose a specific 8949 box; instead, UltraTax CS automatically determines whether it is short or long-term based on what you enter in the Date Acq'd and Date Sold columns and marks the appropriate box on Form 8949. You can also force short-term or long-term in the Force column. UltraTax CS defaults to 3, Box C treatment when this field is blank. To change the default behavior for all clients, choose Setup > 1040 Individual > Other Return Options button. Click the Return Presentation tab and make your selection in the Default for Screen B&D, Schedule for detail, Form 8949 transactions drop-down list.
1099B Errors Use this field to identify errors that were reported to the IRS on Form 1099B. You may need to make adjustments using the Adj to G/L column.
Type

Use this field to indicate the type of capital asset in the sale.

B - Business

Gain or loss is included in Schedule D, the NOL Worksheet as business capital gain or loss, in the income used to limit section 179 expense, and gain or loss is reported on Form 8582.

C - Collectible

Gain or loss is included in Form 8949, Form 4952, and in the NOL Worksheet as nonbusiness capital gain or loss. Gain or loss is also included in the 28% Rate Capital Gain Tax Worksheet.

Notes:
  • Adjustment code "C" will print in the Form 8949 Column (f) Codes from instructions. If there is no amount entered in the Adj to G/L field, a 0 (zero) will print in Column (g) Amount of Adjustment.
  • Items coded "C" will be taxed at 28% capital gains rates. Therefore, do not combine non-collectible sales with collectible sales when reporting multiple transactions on a single row.
  • The IRS does not allow collectibles to be reported directly on Schedule D, so code 4 should not be used in the 8949 Box field when code C = Collectible is selected in the Type field.

M - Money market (floating NAV)

Use type M to report capital gain/loss determined under the net asset value method (NAV) with respect to shares in a floating-NAV money market fund.

Notes:
  • Type M items will always be reported on Form 8949 Part I (short-term) with Box C checked, even if you enter long-term dates.
  • Only the Form 8949 description and gain/loss column will be completed, all other columns will remain blank.
  • UltraTax CS will append "(NAV)" to the description.

N - Nonbusiness

Gain or loss is included in Form 8949 and in the NOL Worksheet as nonbusiness capital gain or loss.

S - Section 1244 stock

Section 1244 losses transfer to Form 4797, Part II. Section 1244 gains are reported on Form 8949.

Notes:
  • Adjustment code "S" will print in the Form 8949 Column (f) Codes from instructions when the transaction is a loss. Section 1244 losses will be reported on Form 8949 with an amount equal to the ordinary gain reported on Form 4797.
  • Items coded "S" will be treated as 100% Section 1244 gains on Form 4797. Therefore, do not combine non-Section 1244 transactions with Section 1244 sales when reporting multiple transactions on a single row.

V - 1202 gain 100% excludable

Section 1202 provides for an exclusion of 100 percent of the gain on the sale or exchange of qualified small business stock. The section 1202 exclusion applies only to qualified small business stock issued after September 21, 2010, and before January 1, 2014 which was held for more than five years. Enter the amount before exclusion. There is no taxable gain for this exclusion, so these transactions do not affect the 28% Rate Capital Gain Tax Worksheet, Form 4952, or the nonbusiness capital gain in the NOL worksheet.

Notes:
  • When there is a Sales Price and Cost/Basis entered with a "V" in the Type column, UltraTax CS will update the Adj to G/L with the exclusion amount.
  • Adjustment code "Q" will print in the Form 8949 Column (f) Codes from instructions.
  • Do not combine non-Section 1202 sales with other gains subject when reporting multiple transactions on a single row.

X - 1202 gain 50% excludable

Section 1202 provides for an exclusion of 50 percent of the gain on the sale or exchange of qualified small business stock. The section 1202 exclusion applies only to qualified small business stock issued after August 10, 1993, and held for more than five years. Enter the amount before exclusion. UltraTax CS includes the amount after exclusion in the 28% Rate Capital Gain Tax Worksheet, on Form 4952, and as nonbusiness capital gain in the NOL Worksheet.

Note:
  • When there is a Sales Price and Cost/Basis entered with an "X" in the Type Column, UltraTax CS will update the Adj to G/L with the exclusion amount.
  • Adjustment code "Q" will print in the Form 8949 Column (f) Codes from instructions.
  • Items coded "X" will be treated as Section 1202 gain subject to 50% exclusion with the taxable amount subject to the 28% capital gains rates and the AMT 7% preference. Therefore, do not combine non-Section 1202 sales with Section 1202 gains subject to 50% exclusion when reporting multiple transactions on a single row.

Y - 1202 gain 75% excludable

Section 1202 provides for an exclusion of 75 percent of the gain on the sale or exchange of qualified small business stock. The section 1202 exclusion applies only to qualified small business stock acquired after February 17, 2009, and on or before September 27, 2010, in a qualified business entity and held for more than five years. Enter the amount before exclusion. UltraTax CS includes the amount after exclusion in the 28% Rate Capital Gain Tax Worksheet, on Form 4952, and as nonbusiness capital gain in the NOL Worksheet.

Notes:
  • When there is a Sales Price and Cost/Basis entered with a "Y" in the Type column, UltraTax CS will update the Adj to G/L with the exclusion amount.
  • Adjustment code "Q" will print in the Form 8949 Column (f) Codes from instructions.
  • Items coded "Y" will be treated as Section 1202 gain subject to 75% exclusion with the taxable amount subject to the 28% capital gains rates and the AMT 7% preference. Therefore, do not combine non-Section 1202 sales with Section 1202 gains subject to 75% exclusion when reporting multiple transactions on a single row.

Z - 1202 gain 60% excludable

Section 1202 provides for an exclusion of 60 percent of the gain on the sale or exchange of qualified small business stock. The section 1202 exclusion applies only to qualified small business stock acquired after December 21, 2000, in a qualified business entity (within an empowerment zone) and held for more than five years. Enter the amount before exclusion. UltraTax CS includes the amount after exclusion in the 28% Rate Capital Gain Tax Worksheet, on Form 4952, and as nonbusiness capital gain in the NOL Worksheet.

Notes:
  • When there is a Sale Price and Cost/Basis entered with a "Y" in the Type column, UltraTax CS will update the Adj to G/L with the exclusion amount.
  • Adjustment code "Q" will print in the Form 8949 Column (f) Codes from instructions.
  • Items coded "Z" will be treated as Section 1202 gain subject to 60% exclusion with the taxable amount subject to the 28% capital gains rates and the AMT 7% preference. Therefore, do not combine non-Section 1202 sales with Section 1202 gains subject to 60% exclusion when reporting multiple transactions on a single row.
Quantity Sold Enter the number of shares sold.
Stock/Other Symbol Enter the stock symbol.
Desc Enter the company name or other description of the sale.
Date Acq’d/Date sold Enter acquired and sold dates in MM/DD/YY format. You can enter zero (0), V for VARIOUS, I for INHERIT, or W for WORTHLESS, if applicable. For more information on worthless stock sales, see Reporting worthless securities.
1=S, 2=L, 3=28% This field represents the holding period calculated from the dates you enter in the Date Acq'd and Date Sold fields. UltraTax CS will default to a short-term holding period if a date field contains anything other than a date.
Force Use this field to force the holding period in the 1=S, 2=L, 3=28% field. If you have code C, X, or Z in the Type field, UltraTax CS ignores this field and date fields and uses the 28-percent rate.
Adj to G/L Use this field to adjust 1099-B, 1099-S, or substitute statement amounts, to exclude or postpone a capital gain, to report a disallowed loss, etc. For more information, see Form 8949 adjustments.
Adj Code/Adj Code 2 Use these fields to enter the applicable code for the adjustment amount in the Adj to G/L field. All adjustments reported on Form 8949 need to have an adjustment code. There are two Adj Code columns to if you need to report multiple codes. For more information, see Form 8949 adjustments.
Gain-Loss The gain or loss for the sale automatically calculates based on the Sales Price, Cost/Basis, and Adj to G/L fields. You cannot modify this column.
AMT Cost If Diff / AMT Adj G/L If Diff Enter the AMT cost basis and/or the AMT adjustment to gain/loss if it differs from the regular tax information.
AMT Gain -Loss The AMT gain or loss for the sale automatically calculates based on the Sales Price, Cost/Basis, and Adj to G/L fields. If the specific AMT fields are blank, UltraTax CS uses the regular tax amounts. You cannot modify this column.
Fed W/H Enter federal withholding amounts reported on the sales transaction.
State W/H Use this field to report state withholding amounts on Schedule A, line 5a.
Form / Unit # If this transaction is related to a basis, at-risk, or passive activity, enter the form and unit number.
State If you are processing a state return, enter a state postal code.
State Use Use this field to indicate special treatment for the state you entered in the State column. There is not a state use code for every state and the codes vary depending on the state. If the code you are looking for isn’t in the list, check for a code in the state data entry. If there are no codes available, make a manual adjustment in the state data entry.
1099-B Box 2 Use this field to indicate which 1099-B Box 2 option is marked on the source document.
FATCA If the FATCA checkbox is marked in the source document, put an X in this field. There may be additional filing requirements for Form 8938 and/or FinCEN Form 114. Review the filing instructions for more information.

Basis other than actual cost

Enter an explanation for the basis reported on Form 8949, if other than the actual cost. The explanation in this statement prints as a required statement and is included in the electronic file with Form 8949.

Aggregate profit (loss) on contracts

Use this statement to enter section 1256 contracts marked to market information. Enter only net gains and losses attributable to a section 1256 position. For net non-section 1256, go to the B&D screen and complete the Schedule for detail statement. Be sure to identify the election in the description column. For more information, see Complete Form 6781 section 1256 contracts marked to market.

Other Miscellaneous Information

Investment management/advisory fees (State use only)

Enter any separately reported investment management/advisory fees from the consolidated broker statement. Amounts in this field are used only for specific state returns.

Margin interest

Enter any margin interest from the consolidated broker statement in this field. UltraTax CS reports the amount on Form 4952, line 1, as applicable

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