Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen MAC - Massachusetts Profit or Loss From Business (1040)

Show all hidden content

Overview

The information that appears in this screen is transferred from federal C Screen. It is important to report any state-related law differences in this screen.
Part-year residents and Nonresidents:
 Amounts entered in federal C Screen are multiplied by instate percentage upon transfer to this screen if applicable.

State Specific Items

Description of Massachusetts differences
Enter an explanation for differences between Massachusetts and federal amounts in this statement dialog. This explanation will proforma to the following year unless the
Delete on next year’s proforma
 field is marked. A global option to delete the explanation on next year’s proforma is also available in Setup, 1040 Individual,  Massachusetts tab, and then Other Return Options. When the global option is selected, the
Delete on next year’s proforma
 field will be marked automatically when an explanation is entered in this field.
Bad debts sales or services
Enter any amounts attributable to bad debt from sales and services.
Remove any related bad debt expense amounts that you entered in the
Other Expenses
 field on the federal return to eliminate duplication of items being expensed.
Small business exemption claimed
Enter
X
 to indicate a Yes answer to this question on Massachusetts Schedule C. If this field is blank, the question is answered No.
Number of employees
Enter the number of employees for this activity. This number prints on Massachusetts Schedule C.
Items withdrawn for personal use
Enter any amounts of inventory withdrawn for personal use. This amount appears on Massachusetts Schedule C, Page 2, Schedule C-1 section.
Abandoned building renovation deduction
In this statement dialog, enter the amount of any abandoned building renovation deductions for this activity.
Instate depreciation percentage for nonresident or part-year returns only
UltraTax/1040-MA uses the amount entered in federal C Screen for state allocation of part-year / nonresident activities. Enter the amount of depreciation allocation percentage to calculate an amount different from the one entered in federal C Screen.
Business address
Enter the business address in these fields if different than the home address on federal 1040 Screen.
Self-employment code
Enter the applicable self employment code:
Blank
 = Subject to SE tax;
1
 = Statutory employee;
2
 = Minister (exempt),
3
 = Not SE taxable.
Inactive activity for
2024
When this field is marked, data entered for this activity will have no impact on the tax return.

Income

Other income
Enter
X
 in the Schedule B Income column to designate items to report on Massachusetts Schedule B, line 3 instead of Massachusetts Schedule C.
Recomputed Section 179
If Section 179 information is different from the calculated amounts, enter an amount to force a different amount.
Prior year / Recomputed Section 280F
When the fixed asset module is used, it determines the Section 280F recapture of income for each activity. If the calculated amount for Section 280F recapture is incorrect, use the
Force
 column to enter a different amount. Enter
0
 (zero) if the item does not apply to Massachusetts.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close