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Screen MSDepr - Mississippi 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

Use this section to enter state adjustments for depreciation differences.
Depreciation adjustment (Force): Resident Total Taxpayer / Total Spouse
UltraTax CS automatically calculates this amount based on data entered in the asset module. Use the
Force
 fields to enter the adjustment amount if you're not using the asset module.
note
This amount is calculated on the Mississippi Depreciation Reconciliation Worksheet based on data from the 4562 Worksheet(s) for all activities except 2106. This is reported on Form 80-105 or MS 80-205 as an Other income line item.
Depreciation adjustment (Force): PY/NR Taxpayer Instate / Spouse Instate
Use these fields to override the calculated amount of depreciation adjustment that is attributable to the State of Mississippi. UltraTax CS automatically calculates this amount on the 4562 Worksheet(s) for activities with postal code
MS
.

Adjustments to Income for Disposition of Assets

Use this section to enter additions and subtractions for depreciation differences related to disposed assets.
Disposition adjustment (Force): Resident Total Taxpayer / Total Spouse
UltraTax CS automatically calculates these amounts on the Form 4797, recalculated for Mississippi purposes, based on data entered in the asset module. Use the
Force
 fields to enter the adjustment amount if you're not using the asset module.
Disposition adjustment (Force): PY/NR Taxpayer Instate / Spouse Instate
Use these fields to override the calculated amount that is attributable to the State of Mississippi. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with postal code
MS
.

Section 179 Expense

Use this section to edit amounts calculated on the 4562 Worksheet(s) due to differences between federal and state section 179 limits. Amounts in this section default to federal values as reported on federal Form 4562.
Section 179 expense deduction allowable in prior years / … / Section 280F depreciation allowable
UltraTax CS automatically calculates these amounts from UltraTax/1040 including federal depreciation provisions. Use the
MS, if different
 fields to enter the section 179 and 280F recapture without bonus depreciation provisions. These amounts transfer to Form 4797, recalculated for Mississippi purposes.
Section 179 recapture adj (Force): Resident Taxpayer / Resident Spouse
Use these fields to override the calculated amount that is attributed to the State of Mississippi. UltraTax CS automatically calculates this amount for the everywhere amounts.
Section 179 recapture adj (Force): PY/NR Taxpayer Instate / Spouse Instate
Use these fields to enter the instate amounts that are attributable to the State of Mississippi.
Section 280F recapture adj (Force): Resident Taxpayer / Resident Spouse
Use these fields to override the calculated amount that's attributable to the State of Mississippi. UltraTax CS automatically calculates this amount for the everywhere amounts.
Section 280F recapture adj (Force): PY/NR Taxpayer Instate / Spouse Instate
Use these fields to enter the instate amounts that are attributable to the State of Mississippi.

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