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Screen INAdjS - Indiana Adjustments (1120)

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Income and Summary of Calculations

Portion of expenses related to investment portfolio income
Amounts in this statement transfer from federal Form 1120S, Page 3, Schedule K, lines 12b, 12c(2), and 12d. To exclude an item from the state return, delete the amount, or the entire line item from the statement. The modified column displays in black and won’t override the new data with subsequent federal-to-state data transfers. For more information, (including details on setting a user preference to mark fields for which you overruled the transferred amount), refer to the Statements overview.
Other investment interest and expense not listed elsewhere
Amounts in this statement transfer from the federal Screens KSep, K1, and K1-5. To exclude an item from the state return, delete the amount, or the entire line item from the statement. The modified column displays in black and will not override the new data with subsequent federal-to-state data transfers. For more information, (including details on setting a user preference to mark fields for which you overruled the transferred amount), refer to the Statements overview.
State income taxes
Amounts from the Taxes and licenses statement in federal Screen Inc, as well as from taxes entered in federal Screens Farm, Rent, and 4835 transfer to this field. The application assumes these amounts are not taxable to Indiana. Enter adjustments to state and local income taxes in the
State Amount
 column of the statement.
Indiana portion of Section 1374(b)(2) subtraction from line C built-in gains
Use the statement to enter the portion of Section 1374(b)(2) business credit applicable to Indiana. Amounts in this statement transfer from the
Section 1374(b)(2) deduction for net operating loss
 field on the Built-in Gains (S Corp) section in federal Screen D. To exclude an item from the state return, delete the amount or the entire line item from the statement. The modified column displays in black and won’t override the new data with subsequent federal-to-state data transfers. For more information, (including details on setting a user preference to mark fields for which you overruled the transferred amount), refer to the Statements overview.

Sale or Exchange of Section 179 Property

Gain (loss) reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 instructions, S Corporations are required to separately report to the shareholders the sale, exchange, or other disposition of assets where a Section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on Forms 4797, 4684, 6252, or 8824, but instead are separately reported on federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets is calculated from information entered in federal Screens SalePT and 8824PT in the Income and activities folders, and Screens K1Sale, and 8824 in the K1 1065, 1041 folder.
The application reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. Use the
Force
 field to override the calculated amount. If
0
 (zero) is entered, no adjustment will be made.

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