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Screen KYDepr - Kentucky Depreciation Adjustment (1040)
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Overview
Use this screen to enter adjustments to federal income for depreciation differences.
For Kentucky depreciation differences from a pass-through entity, Kentucky returns that have both a Kentucky resident adjustment for Schedule K-1, and a difference between the federal and state depreciation or section 179 expense deduction, are automatically adjusted for Kentucky / Federal differences. See the Kentucky Depreciation Reconciliation Worksheet for additional information.
Adjustments for State Differences in Depreciation
Federal depreciation
UltraTax CS automatically calculates this amount based on data entered in the asset module. Use the force fields to enter the adjustment amount if you aren't using the asset module.
This amount is calculated on the Kentucky Depreciation Reconciliation Worksheet based on data from Form 4562 for all activities except 2106 and Schedule A. This is reported on KY Schedule M on the Federal depreciation line.
State depreciation
Use these fields to override the calculated amount of depreciation adjustment that is attributable to the State of Kentucky. UltraTax CS automatically calculates this amount on the Kentucky Recomputed Form(s) 4562 for activities with a postal code of
KY.
This amount is calculated on the Kentucky Depreciation Reconciliation Worksheet based on data from Form 4562 for all activities except 2106 and Schedule A. This is reported on KY Schedule M on the Kentucky depreciation line.
Form 2106 adjustment: Res Taxpayer / Joint / Res Spouse
UltraTax CS automatically calculates the amount based on data entered in the asset module. Use the force fields to enter the adjustment amount if you are not using the asset module.
This amount is calculated on the Kentucky Depreciation Reconciliation Worksheet based on data from the Kentucky Recomputed Form(s) 2106. This is reported on Kentucky Schedule A as an adjustment to miscellaneous deductions subject to 2 percent AGI limit.
Form 2106 adjustment: PYNR Taxpayer / Joint / PYNR Spouse
Use these fields to override the calculated amount of depreciation adjustment that is attributable to the State of Kentucky. UltraTax CS automatically calculates this amount based on data from the Kentucky Recomputed Form(s) 2106 for activities with a postal code of
KY.
This amount is reported on Kentucky Schedule A, Form 740-NP.Business income
Use this field to override the calculated amount of depreciation adjustment that is attributable to Kentucky Schedule C activities. UltraTax CS automatically calculates this amount based on data from the Kentucky Recomputed Form(s) 4562 for Schedule C activities with a postal code of
KY.
This amount is reported on Kentucky Form 740-NP, Page 4.Rents, royalties, partnerships, estates, trusts
Use this field to override the calculated amount of depreciation adjustment that is attributable to Kentucky Schedule E activities. UltraTax CS automatically calculates this amount based on data from the Kentucky Recomputed Form(s) 4562 for Schedule E activities with a postal code of
KY.
This amount is reported on Kentucky Form 740-NP, Page 4.Farm income
Use this field to override the calculated amount of depreciation adjustment that is attributable to Kentucky Schedule F activities. UltraTax CS automatically calculates this amount based on data from the Kentucky Recomputed Form(s) 4562 for Schedule F activities with a postal code of
KY
. This amount is reported on Kentucky Form 740-NP, Page 4.Adjustments to Income for Disposition of Assets
Disposition adjustment (Force): Total Taxpayer / Spouse
UltraTax CS automatically calculates these amounts based on data entered in the asset module. Use the
Force
fields to enter the adjustment amount if you're not using the asset module.Disposition adjustment (Force): Taxpayer Instate / Spouse Instate
Use these fields to override the calculated amount that is attributable to the State of Kentucky. UltraTax CS automatically calculates this amount from assets entered in the asset module for activities with a postal code of
KY
.Section 179 Expense
Use this section to edit the amount calculated on the Kentucky Recomputed Form(s) 4562 due to differences between federal and state Section 179 limits. The amount defaults to the federal amount as reported on federal Form 4562.