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Screen OHAdj - Ohio Adjustments

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Additions

Other income (loss)
The application transfers information from federal Schedule K,
Other income (loss)
, to the statement window. The application uses this information to complete Form IT 1140, Page 2, Form IT 4708, Page 3, and Form IT 4738, Page 3. To exclude an item from the state return, delete the amount, or delete the entire line item from the statement. The application displays the changed column in black and won't replace 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, see Statements overview.
Other portfolio income (loss)
The application transfers information from federal Schedule K and other sources to the statement window. The application uses this information to complete Form IT 1140, Page 2, Form IT 4708, Page 3, and Form IT 4738, Page 3. To exclude an item from the state return, delete the amount, or delete the entire line item from the statement. The application displays the changed column in black and won't replace 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, see 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 need to report separately to 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 Forms 4797, 4684, 6252 or 8824. Instead they are reported separately in federal Schedule K, line 17d, and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets calculates 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 IT 1140, Page 2, Form IT 4708, Page 3, Form IT 4738, Page 3, the Withholding Worksheet, and the Composite Worksheet. A "not required" statement prints detailing this amount.
Use the
Force
 field to override the calculated amount. If you enter
0
, no adjustment is made.

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