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Screen OHDepr - Ohio Depreciation Adjustments (1065)

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Adjustment for Current Year Differences in Depreciation

Depreciation adjustment
UltraTax CS automatically calculates the amount based on data entered in detailed asset data entry. Use the
Force
 column to enter the amount of adjustment if you aren't using detailed asset data entry.
Federal section 179 expense adjustment
UltraTax CS automatically calculates the amount based on data entered in detailed asset data entry. Use the
Force
 column to enter the amount of adjustment if you aren't using detailed asset data entry.
note
The adjustment represents 2/3 or 5/6 of the amount in excess of $25,000 of the current year federal section 179 expense. This amount appears on Form IT-1140, Page 2, line 10; and Form IT-4708, Page 3, line 31.

Adjustments for Prior Years Differences in Depreciation

Depreciation Expense Prior Years Add Back Amounts
For each of the years listed, UltraTax CS uses the amounts from these boxes to determine the current year Section 179 adjustment for assets placed in service in a prior year. The adjustment appears on Form IT-1140, Page 2, line 11; and Form IT-4708, Page 4, line 35. These amounts will proforma from one year to the next.
note
One-half or one-fifth of each amount entered here is taken as a deduction in each of the two or five succeeding years. The net amount appears on Form IT-1140, Page 2, line 11; Form IT-4708, Page 4, line 35; the OH Withholding Tax Depreciation Adjustment Worksheet; and the OH Composite Tax Depreciation Adjustment Worksheet.
Section 179 Expense Prior Years Add Back Amounts
For each of the years listed, UltraTax CS uses the amounts from these boxes to determine the current year depreciation adjustment for assets placed in service in a prior year. The adjustment appears on Form IT-1140, Page 2, line 11; and Form IT-4708, Page 4, line 35. These amounts will proforma from one year to the next.
note
One-half or one-fifth of each amount entered here is taken as a deduction in each of the two or five succeeding years. The net amount appears on Form IT-1140, Page 2, line 11 and Form IT-4708, Page 4, line 35, the OH Withholding Tax Depreciation Adjustment Worksheet and the OH Composite Tax Depreciation Adjustment Worksheet.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1065 Partnership
  • State: Ohio

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