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Screen PADepr - Pennsylvania Depreciation (1040)

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Overview

All depreciation and amortization information transfers directly into the PADepr screen from federal data entry and then transfers to the relevant forms. UltraTax CS transfers information with respect to all forms and units, without regard to asset postal codes. However, when processing Pennsylvania part-year resident or nonresident returns, UltraTax CS ignores all depreciation on forms and units that don't have applicable state screens.
This screen may not be applicable for the current client. UltraTax CS provides a global option regarding the entry of asset information. This screen isn't applicable when the fixed asset module is selected via
File
,
Client Properties
,
Advanced Properties
,
Enter Asset Detail
 (there's a checkmark next to the Enter Asset Detail). When the fixed asset module is selected, the tab for this screen doesn't appear in UltraTax CS. This screen must be used to override depreciation or amortization amounts on the relevant forms when the fixed asset module isn't used.

Depreciation Information

Unit / Form / Business name
UltraTax CS transfers information for the
Unit
,
Form
, and
Business name
 fields from the fixed asset module.
Depreciation on assets acquired this year: Section 179 Expense / Depreciation Expense / Depreciation on assets acquired prior to this year: Depreciation Expense
The information entered in these statement windows is used to print asset detail. When you enter depreciation expense directly in the PADepr screen, the Depreciation Expense column should include the amount entered in the Section 179 Expense column.
Amortization
When entering amortization expense directly in the PADepr screen, the Regular Amortization column shouldn't include the Direct Expenses for Start-up Costs and (59e) Intangible Drilling Costs (IDC). Enter the Direct Expense amounts in their own column. Enter
X
 in the IDC Asset column for those items entered that qualify as (59e) Intangible Drilling Costs. The following columns in this subschedule update the PA Schedule C fields as follows:
  • Start-up Costs (Direct Expense) updates field Start-up costs (direct expense)
  • IDC (Direct Expense) updates field IDCs (1/3 current expensing)
  • IDC Amortization updates field IDCs (amortization)
  • Current Amortization updates field Amortization

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