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Screen MAAdj - Massachusetts Adjustments (1065)
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Adjustments
State, local, and foreign income taxes or excises
UltraTax CS transfers amounts from the taxes statements in 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 based on income are included on Form 3.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Does not transfer to the return |
T | Taxes based on income | Form 3, Page 2, line 15 |
Adjustments to ordinary income
UltraTax CS transfers the Form 1065, Page 1 adjustments for credits to this statement. 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 will not overwrite the new data with subsequent federal-to-state data transfers.
note
Do not include adjustments to ordinary income from depreciation or pre-1996 installment sales classified as ordinary income in this field. Instead, use the MADepr screen to enter the depreciation adjustment and the
Adjustments to gain or loss
field on this screen for adjustments from pre-1996 installment sales classified as ordinary income.Adjustments to rental real estate income
Use the statement to enter adjustments to rental real estate income.
note
Do not include adjustments to rental real estate income from depreciation. Instead, use the MADepr screen to enter the depreciation adjustment.
Adjustments to other rental income
Use the statement to enter adjustments to other rental income.
note
Do not include adjustments to other rental income from depreciation. Instead, use the MADepr screen to enter the depreciation adjustment.
Portfolio Income
5.1% interest income
UltraTax CS transfers interest income and dividend amounts from the federal K and K1 screens to this statement. Use the class codes in the following table to indicate the type of income on Form 3, Page 3, and Schedule B.
Class Code | Description | Destination |
|---|---|---|
53 | 5.1% Interest | Form 3, Page 3, line 29, Schedule B, line 5 |
IN | Interest income (default) | Form 3, Page 3, line 30, Schedule B, line 1 |
DI | Dividend income | Form 3, Page 3, line 30, Schedule B, line 2 |
Non-Massachusetts state and municipal bond interest
UltraTax CS transfers tax-exempt interest from the federal K-4 and K1-5 screens to this statement. 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 will not overwrite the new data with subsequent federal-to-state data transfers.
Short-Term Capital Gains or Losses
Net short-term capital gains / capital losses from a passthrough (Force)
Enter amounts to force the net short-term capital gains (losses) from a passthrough. UltraTax CS uses the information entered here on Form 3, Page 3, lines 33 and 34, and Schedule 3K-1, Page 2, lines 13 and 14. If no information is entered in these fields, UltraTax CS uses the net short-term capital gain (loss) from other partnerships, estates and trusts from federal Schedule D, line 5.
Long-term gains on pre-1996 installment sales classified as capital gains
Enter the amount of long-term gains from pre-1996 installment sales. UltraTax CS combines this amount with long-term gains from collectibles (28%) from federal Form 1065, Schedule K, line 9b before transferring this information to Form 3, Page 3, line 39, and Schedule 3K-1, Page 2, line 19.
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. A statement prints on Form 3 and Schedule 3K-1 detailing this amount. Use the
Force
field to override the calculated amount. If 0
(zero) is entered, no adjustment is made.Section 179 included in gain / loss
This field 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.