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Screen MAAdj - Massachusetts Adjustments (1120)
Show all hidden content
Schedule E - Taxable Income
Complete Schedule E when income is less than $6,000,000 (S Corp)
For Form 355S, Page 7, Schedule E to calculate, income on Schedule S, Page 1, line 17 will need to be greater than or equal to $6,000,000. If income is less than $6,000,000 and you'd like to calculate Schedule E, enter
X
in this box.Foreign, state or local income, franchise, excise or capital stock taxes deducted
The application transfers details from the
Taxes and licenses before Form 8846 tips credit reduction
statement in the federal Inc and H screen as well as from taxes entered in the federal Farm, Rent, and 4835 screens to the statement attached to this box. To include these taxes on the Schedules, enter a class code to specify the type of tax.Class Code | Description | Destination |
|---|---|---|
OS | Non-Massachusetts state income based taxes | Schedule E, line 8; Schedule S, line 26; Schedule SK-1, line 4a; Schedule U-E, line 15 |
OT | Other income, franchise, excise or capital stock taxes | Schedule E, line 8; Schedule S, line 26; Schedule U-E, line 15 |
Research expense adjustment
Enter the research expense to be included in Other adjustments on Schedule E, line 13 of Form 355 or 355S. For affiliated groups filing Form 355U, the amount of research expense is reported on Schedule U-E, line 20, Research expense adjustment related to Massachusetts Research and Development Credit.
State tax refunds
The application transfers amounts from the
State tax refunds
statement in the federal Inc and H screens. The application assumes these amounts aren't deductible in Massachusetts. Enter, as negative amounts, adjustments to state tax refunds in the State Amount column of the statement.Unitary income adjustments
If the corporation is participating in the filing of Form 355U, has a tax year that's different than the combined group’s tax year, and isn't subject to an affiliated group election, enter adjustments for unitary income in this box. If
1
is entered in both the Corporation is included in a 355U filing
and the Corporation has non-unitary income, different end month, and no affiliated group election
boxes in the MAGen screen, the amount in this box will be included on Form 355 or 355S, Page 7, Schedule E, line 13, Other adjustments.