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Screen NCAdj - North Carolina Adjustments (1065)
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Additions to Federal Income
Interest income from obligations of states other than NC
UltraTax CS transfers tax-exempt income from the federal K-4 and K1-5 screens to the 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 doesn't overwrite the new data with subsequent federal-to-state data transfers.
State, local or foreign income taxes deducted on federal return
UltraTax CS transfers the taxes entered in the federal Inc, KFrgn, K1Frgn, F-2, 4835-2, and Rent screens to this statement. Use the type codes listed in the fieldview and in the following table to classify the amounts as taxes based on income or other types of taxes.
Type Code | Description | Destination |
|---|---|---|
O | Other (default) | Doesn't transfer to return |
T | Taxes based on income | Form D-403, Page 3, Part 7, line 2 |
Subtractions from Federal Income
Section 108(i) deferred federal income adjustment (Force)
UltraTax CS automatically calculates this amount and includes it on Form D-403, Page 3, Part 7, line 8. A not-required statement prints detailing this amount. Enter an amount to override the calculated amount.
Other deductions
UltraTax CS transfers the amount of federal expenses that were reduced or income increased due to federal credits to this statement. These include the Employer Differential Wage Payments, Increasing Research Activities, Disabled Access, Work Opportunity, Tip Tax, Orphan Drug, Small Employer Pension, Employer Provided Child Care, Health Insurance Premiums, and Employer Family and Medical Leave credits. 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 doesn't overwrite the new data with subsequent federal-to-state data transfers.
Other Adjustments
Nonapportionable net distributive income / Nonapportionable net distributive income allocated to NC
Use the statement to enter the description, gross amount, related expenses, and amount directly allocated to North Carolina of nonapportionable net distributive income. UltraTax CS uses these boxes to calculate Nonapportionable income and Nonapportionable income allocated to NC on Form D-403, Page 2, Part 3.
Explanation of nonapportionable income
Use the statement to enter an explanation of nonapportionable income. The explanation prints on Form D-403, Page 2, Part 3.
Guaranteed payments applicable to income to be apportioned to NC / Guaranteed payments applicable to income allocated to NC
UltraTax CS transfers guaranteed payments from the federal Inc, K-2, F-2, 4835-2, OGWell, Rent, and SepK screens to this statement. To reclassify guaranteed payments for North Carolina purposes, enter the code in the first column from the following table, or select F4 to see a fieldview list of available options.
Class Code | Description | Destination |
|---|---|---|
1 | Apportioned (default) | Transfers to Form D-403, Page 2, Part 4, line 9 |
2 | Allocated to NC | Transfers to Form D-403, Page 2, Part 4, line 14 |
Guaranteed payments that are specially allocated for federal purposes need to also be specially allocated for state purposes.
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 the prior year. These dispositions are no longer reported on Form 4797 and Form 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 and is included on Form D-403, Page 2, line 16, and Schedule NC K-1, line 6. A supplemental information item will print detailing this amount. Use the
Force
box to override the calculated amount. If 0
(zero) 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.