Screen NJDepr - New Jersey Depreciation (1040)

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Overview

Use this screen to enter the depreciation information.

Depreciation Adjustment

Use this section to complete the New Jersey Gross Income Tax Depreciation Adjustment Worksheets.
Computation of New Jersey depreciation
UltraTax CS transfers depreciation information to the statement window attached to this field. If you didn't enter asset detail in UltraTax/1040, use the statement window attached to this field to enter asset information required for the New Jersey return. Depreciation adjustments are calculated on the Tax Depreciation Adjustment Worksheet GIT-Dep per New Jersey law. The depreciation adjustment is reported on the business income worksheet for the related activity.
Computation of New Jersey disposition
Use the statement window to enter disposition adjustment information required for the New Jersey return. If you didn't use the asset module in UltraTax/1040 to complete the disposal activity, UltraTax/1040-NJ doesn't transfer that disposition information to this statement window.
Computation of New Jersey recapture of Section 179 expense
Use the statement window to enter recapture of Section 179 depreciation adjustment information required for the New Jersey return. UltraTax/1040-NJ doesn't transfer recapture of Section 179 information to this statement window for this tax year.

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