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Screen IAAdj - Iowa Adjustments (1065)
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Disposal of Property with Section 179 Expense in Prior Year
Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal 8824PT, SalePT, and K1Sale screens.
UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form IA 1065, Form IA 1040C, and Schedule K-1. A nonsubmittable statement prints detailing this amount. Use the
Force
box to override the calculated amount. If 0
is entered, no adjustment will be made. Modification of Federal Taxable Income (Loss)
Other non-itemized deductions
UltraTax CS transfers expenses and deductions from the federal K-2, K1-2, and SepK screens to this statement. These expenses and deductions are deducted in the calculation of federal partnership taxable income (loss) on Form IA 1065, Part III, line 1. To exclude an item from the state return, delete the amount, enter
0
(zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.Additions
Interest from state and municipal bonds and securities
UltraTax CS transfers amounts from the federal K-4 and K1-5 screens to this statement. To exclude an item from the state return, delete the amount, enter
0
(zero), or delete the entire line item from the statement. UltraTax CS displays the modified column in black and won't overwrite the new data with subsequent federal-to-state data transfers.Nonconformity Adjustments
Section 108(i) deferred federal income adjustment (Force)
UltraTax CS automatically calculates this amount and includes positive adjustments on Form IA1065, line 3 and negative adjustments on Form IA1065, line 6. Enter an amount, including
0
(zero), to override the calculated amount.