Income & Retirement
Which UltraTax CS screen is used to report distributions of income from retirement plans?
Screen 1099-R
Interest, Dividends, Capital Gains and Losses are reported on this Schedule.
Schedule B
What box on Screen 1099-R must be checked to indicate the distribution is from an IRA rather than a pension?
The IRA/SEP/SIMPLE box
True or False. Wage codes can change how income is reported on the tax return.
True
If the IRA/SEP/SIMPLE box is left blank on Screen 1099-R, how will the program treat the distribution?
As a pension distribution
These (2) two forms are used to report sales of capital assets, i.e., real estate, stocks, bonds, etc.
Schedule D and Form 8949
Which box on Form 1099-R usually reports the exact taxable amount of a retirement distribution?
Box 2a
Income generated (profit or loss) or earned from Self Employment activity will flow to and be reported on which Schedule form.
Schedule C
When the taxable amount of a pension distribution is not determined, which worksheet calculates it in Forms View?
Wrk2
These (2) two types of income are reported on Schedule B
Interest and Ordinary Dividends
Which UltraTax CS form calculates the additional 10% tax on early retirement distributions?
Form 5329
What amount of time distinguishes an asset classified as a long term asset or short term asset.
1 year. Longer than one year is long term, less than one year is short term.
Before what age may retirement distributions be subject to an early distribution penalty?
Age 59½
In UT, Income > W2 tab, which field or entry is used to select a code (dropdown menu from code 1 to 5) for FEC (Foreign Employer Compensation).
Form 2555 allocation code
Which type of IRA uses after-tax contributions, making qualified distributions generally nontaxable?
Roth IRA
A taxpayer received form 1099-INT from their bank for interest earned. Which folder and tab is the information on this form entered into on UT.
Income > B & D (then Interest Income field)
What is the term for moving money from a Traditional IRA to a Roth IRA when the amount may be taxable?
Conversion
Income (or loss) from rental real estate, royalties, partnerships, S corps, etc) is reported this schedule.
Schedule E
Which form calculates the taxable amount of IRA basis, Roth conversions, and rollovers?
Form 8606
Which folder and section/tab would a user enter income from Alimony, Unemployment, and/or Other Income.
Income folder > Income tab
What IRS rule requires retirees to withdraw a minimum amount from retirement accounts each year?
Required Minimum Distributions (RMDs)
True or false. If a person is under 59 ½, they can use retirement funds for educational expenses with incurring the 10% early withdrawal penalty?
True
Which UltraTax CS screen is used to report Social Security retirement benefits?
Screen SSA-1099
Miscellaneous income can be entered on which tab under the Income folder?
1099M
What type of retirement plan is used to calculate allowable contributions for self-employed individuals?
Keogh plan