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Screen OHDepr - Ohio Depreciation Adjustments (1040)
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Overview
Use this screen to calculate adjustments to federal AGI due to differences in depreciation.
Adjustments for State Differences in Depreciation
UltraTax CS uses the amounts you enter in this section to calculate the unallowable depreciation from the federal 1040.
Bonus depreciation adjustment
UltraTax CS calculates amounts based on data in the asset module. This amount is equal to 5/6 of the bonus depreciation claimed on all activities as reported on federal Form 4562 and is used to calculate the Ohio federal depreciation addition on the OH Depreciation Adjustment Worksheet. Use
Force
fields if the asset module is not used.Depreciation addition
On the federal
K1-St
screen, Depreciation addition
field, enter the add back amount (the 5/6 amount) of bonus depreciation and section 179 expense passed from the entity to the partner/shareholder, as a positive number. This amount is shown on Ohio Depreciation Adjustment Worksheet, line 2a. Use the Force
fields to override the calculated amount.Section 179 expense
UltraTax CS calculates the total amount of section 179 expense elected from all non-pass-through activities with assets entered in the asset module. If necessary, the amount is limited on the Ohio Depreciation Adjustment Worksheet. Use the
Force
fields to override the calculated amount, or to account for amounts not in the asset module.Section 179 expense from K-1’s
UltraTax CS calculates this number from the
State if different, Section 179 expense deduction
field in federal Screen K1-3. If blank, amounts from the federal field are used. The amount entered should be the section 179 expense that would be enabled under Ohio rules and is added to the Ohio Depreciation Adjustment Worksheet to calculate the current-year add back.6/6 depreciation add
On the federal
K1-St
screen, Depreciation addition (Ohio 6/6)
field, enter the add back amount of bonus depreciation and section 179 expense passed from the entity to the individual, as a positive number. This amount is shown on Ohio Depreciation Adjustment Worksheet, line 2b. Use the Force
fields to override the calculated amount.Section 179 expense from 6/6 K-1’s
UltraTax CS calculates this number from
State if different, Section 179 expense deduction
in the federal K1-3
screen. If blank, the amount from the federal field is used. This amount should the section 179 expense that would be enabled under Ohio rules and are added into the Ohio Depreciation Adjustment Worksheet to calculate the current-year add back.Maximum Section 179 expense allowed (Force)
UltraTax CS automatically calculates the Ohio section 179 maximum expense enabled. Expenses from pass-though entities may further affect the expense limitation; use this field to force an amount different from the calculated amount.
Six-sixths add-back required
Mark this box when the bonus depreciation adjustment and Section 179 expense from the current year is to be treated as 6/6. If blank, current year amounts default to 5/6ths. This box doesn't affect the treatment of amounts that transfer from Schedule K-1.
Part-year and Nonresident Allocation of State Differences
UltraTax CS uses amounts in this section to calculate OH AGI not earned in Ohio for the OH Schedule of Credits. To enter a separate calculation of the portion of OH AGI not earned or received in Ohio, use
Adjusted gross income not from Ohio sources (Force)
on the OHPYNR
screen.Bonus depreciation adjustment: Calculated Ohio Source Amount
UltraTax CS automatically calculates this amount based on data entered in the asset module. Use the
Force
field to enter 5/6 of Ohio source bonus depreciation if you're not using the asset module or if the amount differs from the calculated amount.Depreciation addition: Calculated Ohio Source Amount
Enter in the federal
K1-St
screen, Depreciation addition
field, the add back amount (the 5/6 amount) of bonus depreciation and section 179 expense passed from the entity to the partner / shareholder, as a positive number. Use the Force
fields to override the calculated Ohio source amount.Section 179 expense: Calculated Ohio Source Amount
UltraTax CS automatically calculates this amount for Ohio activities with assets entered in the asset module. Use the
Force
field to enter the amount of Ohio source section 179 expense if you're not using the asset module or want to override the calculated amount.Section 179 expense from Schedule K-1’s: Calculated Ohio Source Amount
For K-1’s postal coded to OH, UltraTax CS calculates this number from the
State if different, Section 179 expense deduction
field in the federal K1-3
screen. If this field is blank, the amount from the federal field is used. The amount entered should be the section 179 expense that would be permissible for the individual under Ohio rules.6/6 depreciation addition : Calculated Ohio Source Amount
Enter in the federal
K1-St
screen, Depreciation addition (Ohio 6/6)
field, the add back amount (the 6/6 amount) of bonus depreciation and section 179 expense passed from the entity to the partner / shareholder, as a positive number. Use the Force
fields to override the calculated Ohio source amount.Section 179 expense from 6/6 Schedule K-1’s: Calculated Ohio Source Amount
For K-1’s postal coded to OH, UltraTax CS calculates this number from the
State if different, Section 179 expense deduction
field in the federal K1-3
screen. If this field is blank, the amount from the federal field is used. The amount entered should be the section 179 expense that would be permissible for the individual under Ohio rules.Adjustments for Prior Federal Depreciation and Section 179
Ohio Source Amount
For part-year and nonresident returns, enter the portion of the total add-back amount allocable to Ohio sources. This amount calculates the portion of Ohio adjusted gross income not earned in Ohio for the nonresident and part-year credit on the Ohio Schedule of Credits, Page 2.
Total Taxpayer / Total Spouse Add Back
Amounts from prior-year versions of UltraTax CS proforma to these fields. If UltraTax CS wasn't used in the prior-year, enter the amount of the prior-year add back to calculate the current-year subtraction amount. Refer to the Ohio Depreciation Adjustment Worksheet for the federal bonus addition and subtraction reported on Form IT1040.
Pass-through Subtraction
UltraTax CS uses the amounts you enter in this section to calculate the unallowable depreciation from federal 1040 and the Ohio Schedule of Credits, Page 2. Enter only the pass-through subtraction not already included in the adjustments for prior-federal depreciation and section 179 on this screen.
Depreciation subtraction
This amount is used to adjust the current-year deduction on the Ohio Depreciation Adjustment Worksheet. Use the
Force
fields to override the calculated amount to zero if the subtraction already is calculated on the worksheet from a prior-year add back amount, or to enter a different amount.Depreciation subtraction allocated to Ohio
This amount is used to adjust the current-year deduction on the Ohio Depreciation Adjustment Worksheet. Use the
Force
fields to override the calculated amount to zero if the subtraction already is calculated on the worksheet from a prior-year add back amount, or to enter a different amount.