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Screen HI4562 - Hawaii Depreciation and Amortization (1040)

Overview

Use this screen to calculate adjustments to federal AGI. All depreciation and amortization information transfers directly into the
HI4562
 screen from the UltraTax CS asset module and then transfers to the relevant forms. All information for all assets transfers from the Hawaii state tax treatment in the asset module.
UltraTax CS calculates Form 4562 (HI Version), Hawaii Recalculated Federal Form 4562, with respect to forms and units. UltraTax CS calculates a separate Form 4562 (HI Version) for each activity. Form 4562 (HI Version), calculated with respect to activities subject to Hawaii tax, prints when the form indicates a difference between federal and Hawaii depreciation.
  • This screen may not be relevant to each client. UltraTax CS provides a global option regarding the entry of asset information. This screen is not relevant when the asset module is selected. (If there's a checkmark next to the
    Enter Asset Detail
     command in the
    Client Properties
    ,
    Advanced Properties
    ,
    Enter Asset Detail
     tab, then the asset module is in use for this client.) When the asset module is selected, the tab for this input screen doesn't appear in UltraTax CS.
  • If the asset module isn't used, this input screen is needed to enter depreciation or amortization amounts on the relevant form(s).
  • It is highly recommended that all asset information be entered through the
    Asset
     tab. This data entry method ensures that Hawaii depreciation information is transferred properly.

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Hawaii

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