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Screen ILDepr - Illinois Depreciation Adjustments (1065)
Show all hidden content
Addition Adjustments
Federal section 168(k) bonus depreciation
UltraTax CS transfers the federal bonus depreciation from federal Form 4562 based on data entered in detailed asset data entry. Use the
Force
box to enter the amount of adjustment if you're not using detailed asset data entry. UltraTax CS then uses this information to complete Form IL-4562, Step 2, line 1.Addition for last year of regular depreciation assets
UltraTax CS calculates the adjustment for any last year of regular depreciation assets based on data entered in the detailed asset data entry. Use the
Force
box to enter the addition if you're not using the detailed asset data entry. UltraTax CS then uses this information to complete Form IL-4562, Step 2, line 3.note
The addition amount is the total amount of all prior-year subtraction modifications for last year of regular depreciation assets that were entered in the detailed asset data entry. This amount transfers to Form IL-4562, Step 2, line 3.
Subtraction Adjustments
Total federal depreciation on property with 30% bonus depreciation
UltraTax CS transfers the federal depreciation for assets that have taken 30 percent bonus depreciation based on data entered in the detailed asset data entry. Use the
Force
box to enter the amount if you're not using the detailed asset data entry. UltraTax CS then uses this information to complete Form IL-4562, Step 3, line 5a.Total federal depreciation on property with 50% bonus depreciation
UltraTax CS transfers the federal depreciation for assets that have taken 50 percent bonus depreciation based on data entered in the detailed asset data entry. Use the
Force
box to enter the amount if you're not using the detailed asset data entry. UltraTax CS then uses this information to complete Form IL-4562, Step 3, line 7a.note
The adjustment amount is the difference between the Current depreciation in the Tax column entered in the detailed asset data entry and any bonus depreciation claimed on Form 4562.
Subtraction for last year of regular depreciation
UltraTax CS calculates the adjustment for any assets disposed of during the current year based on data entered in the detailed asset data entry. Use the
Force
box to enter the amount if you're not using the detailed asset data entry. UltraTax CS then uses this information to complete Form IL-4562, Step 3, line 9.note
The subtraction amount is the total amount of all prior-year bonus depreciation for assets disposed of during the current year that were entered in the detailed asset data entry. This amount transfers to Form IL-4562, Step 3, line 9.