Screen KYLXGen - Lexington General Information (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

Information entered in this screen is used to calculate Form 228, Lexington-Fayette Net Profits License Fee Return; and/or Form 228-S, Board of Education of Fayette County Net Profits Occupational License Tax Return. This input screen is a multiple unit screen. If additional returns are needed for different account numbers, select the down arrow and click Add Unit.

Federal-to-state input screen and asset module data transfer

If information is transferred from federal input screens or from the asset module to a state input screen, the application displays the transferred data in blue, for example: Field showing transferred data.

If necessary, you can overrule the transferred amount by entering the appropriate amount in the field. The application then displays the new amount in black.

Notes
  • When you overrule a transferred amount, the application does not overwrite that amount with subsequent federal-to-state or asset module data transfers.
  • To delete the overruled amount and restore the original transferred amount, right-click the field and choose Delete overrule or simply enter the original amount in the field.
  • To confirm the accuracy of the overruled amount, right-click the field and choose Acknowledge overruled data. The application then disables the acknowledge functionality from the right-click menu. To restore the original amount later, you will need to enter it manually.
  • If desired, you can set a user preference to mark fields for which you overruled the transferred amounts and to list all overruled amounts in the Diagnostics window.

Statements

Many data entry fields provide predefined statements in which you can enter additional information. For additional information, see Statements overview.

Accessing frequently asked questions

To view answers to common questions about calculations and data entry issues, choose Help > Additional Resources > Frequently Asked Questions. For details, see Accessing frequently asked questions (FAQs).

General Information

Business name

Enter the business name assigned to this account number. This entry is used on both Forms 228 and 228-S. If nothing is entered in this field, UltraTax CS uses the data from the Principle business or profession field on the first Schedule C, E, F, or 4835 to which an account number is assigned by the user.

Lexington account number

UltraTax/1040-KY displays the account number entered in any of the KYC Info screens for Lexington-Fayette. UltraTax CS generates a separate Form 228 and/or Form 228-S for each distinct account number.

Forms needed

Enter 1 to generate Form 228, 2 to generate Form 228-S, and 3 to generate both returns. If this field is blank, UltraTax CS defaults to both returns.

Calculate a return for rental properties

UltraTax CS automatically calculates the Lexington-Fayette Urban County Government Net Profits License Fee Return when the aggregate of the gross rental receipts fields on the CRent screen and the C4835 are equal to or more than $50,000 and there is a account number on the screen.

If other entities qualify as rental income and the gross rental receipts will total $50,000, mark this box. All rental income will create a return.

Business Information

Use the first of these two sections to complete the Questions section of Form 228 and similar fields on Form 228-S. The second section collects information only required by Form 228-S.

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