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Screen MAS - Massachusetts S Corporation Income (1120)
Show all hidden content
Classification Information
Other income
The application transfers the amounts from federal Form 1120-S Page 1, line 5, Other income (loss); Schedule K, line 10, Other income (loss) and tax-exempt interest income, to the statement attached to this box. The total amount of other income is reported on Schedule S, line 11. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application shows the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Distributive Income
Other income
The application transfers items from federal Schedule K, line 10, Other income (loss), to this statement and reports the total amount on Schedule S, line 25. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application shows the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Other adjustments
Use this statement to enter other adjustments. The application automatically adjusts for employment credit wages, depreciation adjustments, disposition adjustments, and state tax refunds. These amounts don't appear in the data entry statement, but they are included in the amount calculated for the form and appear on the printed statement.
Real estate net income (loss) (Force): Adjustments
Use this statement to enter adjustments to real estate net income or loss. The application automatically adjusts for depreciation differences. Depreciation differences don't appear in the data entry statement, but they are included in the amount calculated for the form. Use the MADepr screen to modify depreciation adjustments.
Other rental activity net income (loss) (Force): Adjustments
Use this statement to enter adjustments to other rental activity net income or loss. The application automatically adjusts for depreciation differences. Depreciation differences don't appear in the data entry statement, but they are included in the amount calculated for the form. Use the MADepr screen to modify depreciation adjustments.
Interest and dividend income
The application transfers the interest income, dividend income, and other portfolio income (loss) amounts from federal Form 1120-S, Schedule K, to the statement. Use the class codes to distribute the portfolio income on Form 355S, Schedule S. To exclude an item from the state return, delete the amount or the entire line item from the statement. The application shows the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
Class Code | Description | Destination |
|---|---|---|
1 | Other interest and dividends | Schedule S, line 41 Other interest and dividend income |
2 | 5.05 percent interest income (default) | Schedule S, line 40 5.05 percent interest income |
3 | Foreign state and municipal interest | Schedule S, line 42 Foreign state and municipal bond interest |
4 | Other income | Schedule S, line 44 Other income |
5 | Massachusetts state and municipal interest | Shareholder’s Basis Worksheet, Page 1, line 7, Tax-exempt interest and other income |
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 the federal SalePT and 8824PT screens in the Income and activities folders, and the K1Sale and 8824 screens 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. This amount is included on Form 355S, Schedule S, lines 10 and 50, and Schedule SK-1, line 18.
A not-required statement prints detailing this amount. Use this box to override the calculated amount. If you enter
0
(zero), no adjustment is made.