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Screen KSAdj - Kansas Adjustments and Modifications (1065)
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Adjustments to Income
Charitable contributions (Force)
UltraTax CS calculates the amount of charitable contributions available to be deducted on Form K-120S, line 2b, Total of allowable deductions from federal Schedule K. Enter an amount to override the calculated amount.
State and municipal interest
This statement contains all relevant information entered in the federal K-4 and K1-5 screens for tax-exempt interest. 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.Taxes on or measured by income
UltraTax CS transfers tax amounts from the federal Inc, KFrgn, K1Frgn, F-2, 4835-2, and Rent screens to this statement. Use the type codes listed in the following table to classify the amounts as taxes based on income or other types of taxes. Items classified as taxes on or measured by income are included on Form K-120S.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Does not transfer to the return |
T | Taxes on or measured by income | Form K-120S, page 1, line 5 |
Other subtractions
Use this statement to enter relevant information. To exclude an item from the state return, delete the amount, enter a 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.
UltraTax CS transfers the amount of federal expenses that were reduced or income increased due to federal credits. These include the Research, Biofuel Producer, Disabled Access, Work Opportunity, Empowerment Zone Employment, Indian Employment, Tip Tax, Orphan Drug, Small Employer Pension, Employer Provided Childcare, Biodiesel and Renewable Fuels, Employer Differential Wage Payments and Health Insurance Premiums credits.
Nonbusiness Income
Nonbusiness income
In this statement, enter both the total nonbusiness income and the amount allocated to Kansas for Form K-120s, lines 13 and 17.
Machinery and Equipment Expensing Recapture
Partnership
If asset data is entered in the asset module, depreciation information for assets marked as eligible for the expensing deduction and disposed transfers to the statement. If asset data isn't entered in the asset module, enter asset detail information in these boxes. UltraTax CS uses the information to calculate Form K-120EX, Part C.
Pass-through entity
The statement contains the information needed to complete Form K-120EX for the partnership. Kansas requires that any recapture received from a pass-through entity be reported on a separate Form K-120EX. UltraTax CS will create an additional Form K-120EX for each entity that is entered into this statement.
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 the K-40 Composite Income Worksheet and KS Partner’s Share of Income, Modifications and Credits Worksheet. Use the
Force
box to override the calculated amount. If 0
is entered, no adjustment is made.Section 179 included in gain / loss
This box contains the total Section 179 expense deduction that was originally claimed on the assets sold during the tax year. This amount is provided for reference purposes only.