Screen MECapInv — Maine Capital Investment Depreciation and Credit (1040)

See also:
1040 Maine frequently asked questions

Overview

Use this section to calculate the current year Capital Investment Credit Addback, Capital Investment Credit including current-year credit and carryover from prior year, and carryover to next year credit.
note
Capital Investment Tax Credit Addback is not recaptured. The only recapture for this occurs when assets are removed from service within one year of claiming the credit. This recapture happens by amending the prior year return where the original addback was required and removing the addback and credit then recalculating the regular bonus addback. If you amended after proforma, use the
ME addback
field on the Asset tab to enter the original addback and adjust the Maine column of the asset to reflect the proper prior depreciation; then recalculate current-year depreciation to get the correct recapture of bonus information on the Maine return.

Addback

These fields are used to calculate the Capital Investment Credit addback of federal bonus depreciation. For assets owned by the taxpayer, the amounts will transfer from the asset module if placed in service in the current year and marked on the Other tab in the asset module as qualified for the Capital Investment Credit. For assets owned in a pass-through entity supply the entity's name, EIN, and the percentage of ownership in addition to the federal bonus depreciation taken by the entity for Capital Investment credit qualified assets.

Carryover

Use this section to enter the carryover from the prior year and the carryforward to the next year. UltraTaxCS does not calculate a carryover of these credits.
note
If you have recapture of the tax credit, reduce the carryover amounts from prior years as necessary.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close