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Screen ILDepr - Illinois Depreciation Adjustments (1040)
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Overview
Use this screen to enter adjustments to federal income for depreciation differences.
Adjustments for State Differences in Depreciation
Federal bonus depreciation: Force
UltraTax CS automatically calculates this amount based on data entered in the federal asset module. Use the
Force
field to enter the amount of bonus depreciation claimed on the federal return if you are not using the asset module. This information updates Form IL-4562, line 1.note
This amount is equal to the 30 percent or 50 percent special bonus depreciation claimed on all activities, except 2106 and Schedule A, as reported on federal Form 4562.
Federal bonus depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of bonus depreciation that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with a postal code of
IL
. This information updates Form IL-4562, line 1.Total fed depr on property with 30% bonus depreciation: Force
UltraTax CS automatically calculates this amount based on data entered in the federal asset module. Use the
Force
field to enter the adjustment if you are not using the asset module. This information updates Form IL-4562, line 5a.note
This amount is calculated by taking the calculated depreciation for all activities, except 2106 and Schedule A, without regard to any 30 percent special bonus depreciation or section 179 expense.
Total fed depr on property with 30% bonus depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 5a.Total fed depr on property with 50% bonus depreciation: Force
UltraTax CS automatically calculates this amount based on data entered in the federal asset module. Use the
Force
field to enter the adjustment if you are not using the asset module. This information updates Form IL-4562, line 7a.note
This amount is calculated by taking the calculated depreciation for all activities, except 2106 and Schedule A, without regard to any 50 percent special bonus depreciation or section 179 expense.
Total fed depr on property with 50% bonus depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 7a.Federal bonus depreciation: Force
UltraTax CS automatically calculates this amount based on data entered in the federal asset module. Use the
Force
field to enter the adjustment if you are not using the asset module. This information updates Form IL-4562, line 2.note
This amount is equal to the 30 percent or 50 percent special bonus depreciation claimed on federal Form 2106 which have been marked as Qualifying Performance Artist (QPA) or Fee Basis Official (FBO).
Federal bonus depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 2.Total fed depr on property with 30% bonus depreciation: Force
UltraTax CS automatically calculates this amount based on data entered in the federal asset module. Use the
Force
field to enter the adjustment if you are not using the asset module. This information updates Form IL-4562, line 5b.note
This amount is calculated by taking the calculated depreciation on federal Form 2106 which have been marked as Qualifying Performance Artist (QPA) or Fee Basis Official (FBO), without regard to any 30 percent special bonus depreciation or section 179 expense.
Total fed depr on property with 30% bonus depreciation (Part-year / Nonresident Force Instate)
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 5b.Total fed depr on property with 50% bonus depreciation: Force
UltraTax CS automatically calculates this amount based on data entered in the federal asset module. Use the
Force
field to enter the adjustment if you are not using the asset module. This information updates Form IL-4562, line 7b.note
This amount is calculated by taking the calculated depreciation on federal Form 2106 which have been marked as Qualifying Performance Artist (QPA) or Fee Basis Official (FBO), without regard to any 50 percent special bonus depreciation or section 179 expense.
Total fed depr on property with 50% bonus depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 7b.Depreciation addition
UltraTax CS displays the amount of addition reported from pass-through entities. The calculated amount is the sum of amounts entered in the
Depreciation addition
field in the federal K1-St Screen for activities with postal code IL
. If any amounts need adjusting, complete the data entry in the federal K1-St Screen.Depreciation subtraction
UltraTax CS displays the amount of subtraction reported from pass-through entities. The calculated amount is the sum of amounts entered in the
Depreciation subtraction
field in the federal K1-St Screen for activities with postal code IL
. If any amounts need adjusting, complete the data entry in the federal K1-St Screen.These fields are used to update the necessary Schedule M fields in the following order, as required:
- Defaults to theDistributive share from Schedule K-1 (Force)field in the ILAdj Screen, if blank
- Uses the amount entered on Schedules K-1-P and K-1-T, if blank
- Uses these fields
When the
Depreciation addition
field is used, UltraTax CS enters this amount on Schedule M, Step 2, on the Distributive share of additions you received from a partnership, S Corporation, estate, or trust line. When the Depreciation subtraction
field is used UltraTax CS enters this amount on Schedule M, Step 3, on the Distributive share of subtractions from a partnership, S Corporation, trust, or estate line.This field should not be used for electronically filed and data-shared returns. If the return is data-shared, UltraTax CS automatically completes the ILK1 and ILK1T Screens. For electronically filed returns that have a depreciation adjustment, completion of the ILK1 and ILK1T Screens is required.
Adjustments to Income for Disposition of Assets
Addition for last year of depreciation: Force
Use this field to enter the amount of adjustment to income required for any depreciation differences related to disposed assets. This information updates Form IL-4562, line 3.
note
This amount is equal to the federal accumulated depreciation, not including the 30 percent bonus depreciation, and the section 179 expense multiplied by 42.9 percent for those assets disposed of in the current year that were reported on Form IL-4562 in prior years.
Addition for last year of depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 3.Subtraction for last year of regular depreciation: Force
Use this field to enter the amount of adjustment to income required for any depreciation differences related to disposed assets. This information updates Form IL-4562, line 9.
note
This amount is the 30 percent bonus depreciation previously taken on all assets that were disposed of in the current year that were reported on Form IL-4562 in prior years.
Subtraction for last year of regular depreciation: Part-year / Nonresident Force Instate
Use this field to override the calculated amount of the adjustment added to income that is attributable to the State of Illinois. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
IL
. This information updates Form IL-4562, line 9.