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Screen DCAdj - District of Columbia Income and Adjustments (1040)
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Overview
Use this screen to calculate adjustments to federal AGI on Schedule I.
Additions
Franchise tax deduction
Enter the federal deduction taken for any franchise taxes. This amount transfers to Form D-40.
Deductions reported on federal Schedule K-1 received from 1120-S
Enter the deduction passed on to you that appears on federal Schedule K-1 (Form 1120S), and used to determine the net income of a District of Columbia corporation on Form D-20. This amount prints on Form D-40.
Other passthrough losses from DC unincorporated businesses
Use this statement window to enter passthrough losses from a DC unincorporated business that exceed the $12,000 threshold and were reported as a loss on the federal 1040 return.
If a DC unincorporated business has at least $12,000 in gross receipts (total amount of business receipts before any deductions are taken) they are required to file a D-30. Because the $12,000 threshold filing requirement is gross receipts, it's possible to have deductions that exceed gross receipts and therefore there would be a loss, but the business still must file a D-30.
Since this loss is taken against D-30 income, it must be added back to the 1040 AGI against which income the loss has already been taken.
Federal deferred capital gains for investment in Qualified Opportunity Fund
If you reported deferred capital gains on the federal return due to an investment in a federal Qualified Opportunity Fund, the amount of the deferment must be added back for DC.
Other additions
Enter any items that were not subjected to federal tax, but are subject to DC tax.
Subtractions
Income reported and taxed on franchise or fiduciary returns
UltraTax/1040-DC allows for 2 unincorporated business tax returns. The income taxed on those returns is added to amounts entered in these fields. This amount is reported on Form D-40.
Loan repayment awards received by certain healthcare professionals from the District
To reduce medical education debt, the Health Professional Loan Repayment Program permits awards of up to $120,000 paid over 4 years by the District of Columbia to certain healthcare professionals. These awards are not subject to tax. This program is administered by the District of Columbia Department of Health.
Qualifying income exists for permanently disabled individual (Force)
Select the checkbox if the person received income qualified for the $10,000 disability deduction but had no disability nontaxable income entered in UltraTax/1040. Selecting this checkbox bypasses household income calculations (which include nontaxable income), so the individual should meet the annual household limits.
District of Columbia poverty lawyer loan assistance
Enter the amount reported on Form 1099C, Cancellation of Debt received from the District of Columbia Office of the Attorney General. Lawyers eligible for this award are those whose legal practice has been certified by the attorney general as serving the public interest.
Non-military spouse income sourced to District of Columbia
Enter the amounts included in federal adjusted gross income on Form D-40, line 4, that should be subtracted to calculate District of Columbia adjusted gross income. Amounts entered are reported on Schedule I, Other subtraction, line 13. The amounts entered are not reported on Form D-40, Income received during period of non-residence, line 8, if the return type selected in the Client Properties window is a part-year return and any non-military spouse income was entered in the federal screens using state code
DC
.Deferred capital gains due to an investment in an approved DC Qualified Opportunity Fund
Enter the amount of deferred capital gains due to an investment in an approved DC Qualified Opportunity Fund, as long as this amount is included as an add-back on Schedule I this year. Supporting documentation in the form of IRS Form 8996 or 8997 is required to be attached to the DC return when claiming this subtraction.
Military member's home of record is not in the District of Columbia
Enter
X
if the return type selected in the Client Properties window is resident, but the military wages should not be included in District of Columbia adjusted gross income on Form D-40, line 13. Military member's wages are included on Form D-40, Federal adjusted gross income, line 4, print on Schedule I, Other subtractions, line 13.