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Screen OJOHCAdj - Ohio Cities Adjustments (1120)

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Items Not Deductible

Use this section to complete Schedule X for all Ohio cities selected for the return. For each Ohio city, enter the amounts in the statement in the input screen, or in the absence of statements, enter directly in the field. The application transfers amounts from federal Form 1120 for capital losses, city or state taxes, and officer compensation. The first column of the statement indicates which city return is to be adjusted. The default is to adjust all cities attached to the return.
5% of non-taxable income expense
Information in the statement transfers from federal interest and dividends. Five percent of the federal column in the statement is transferred to the corresponding form fields. To exclude an item from the city return, delete the amount or the entire line item from the statement. The application displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers.
City or state taxes
The application transfers amounts from the
Taxes and licenses
 statement in federal Screens Inc and H, as well as from taxes entered in federal Screens Farm, Rent, and 4835. The application assumes these amounts are not taxable to the city. Enter adjustments to city or state income taxes in the
City Amount
 column of the statement.
Contributions disallowed (S Corp / Force)
Enter any excess charitable contribution amount that needs to be added back to the return. If this field is blank, contributions are limited to ten percent of taxable income, and the excess returns to the form field.

Items Not Taxable

Use this section to complete Schedule X for all Ohio cities selected for the return. For each Ohio city, enter the amounts in the statement in the input screen. The application transfers amounts from federal Form 1120 and 1120-H for interest and dividend income. The first column of the statement indicates which city return is to be adjusted. The default is to adjust all cities attached to the return. To include interest or dividend income in the city return, enter adjustments in the
City Amount
 column of the statement.
Royalty income
Enter royalty income taxed on the federal return, which may be deducted for city purposes. Amounts entered for generic cities return to the statement for other deductions.

Miscellaneous Income

Gain (loss) reported separately from federal Schedule K, Line 17d
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 federal Form 4797, Form 4684, Form 6252, or Form 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 basis of the asset is reduced by the amount of the Section 179 deduction when calculating the gain or loss. A not required statement will print detailing this amount. Use the
Force
 field to override the calculated amount. If
0
 is entered no adjustment will be made.

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