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Screen VTAdj - Vermont Adjustments to Income (1040)
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Overview
Use this screen to complete portions of Forms IN-111, IN-112, IN-113, and IN153.
Interest and dividend income is entered on the B&D, SDE, K1, and K1T federal screens. These screens may be accessed by using the links provided in VTAdj screen. Interest and dividend data entered in the statements on these federal screens is utilized in the calculation of state income and adjustments. In those interest and dividend statements, you may indicate if data should be applied only to the federal or only to the state return. In addition use of the state postal code and
In-State Source %
indicates which state should react to the data entered in the federal statements.- EnterFin theF/Sfield to indicate that the item is for the federal return only.
- EnterSin theF/Sfield and a non-VT postal code in theStatefield to indicate that the item transfers only to the state specified and is ignored for federal purposes.
- For Vermont source interest and dividends reportable on part-year and nonresident Vermont returns, you must enterVTin theStatefield in these federal statements. Further, for interest and dividends reportable as Vermont source for nonresident Vermont returns, you must also enter a percentage in theIn-State Source %field.
- Interest from Municipal obligations and US Obligations from a pass-through entity and reportable in the K1 and K1T federal screens may be adjusted by new fields in the K1-St federal screen. If data is entered in these fields in the K1-St screen, the total of all K1 or K1T data for that income type is adjusted by the requested amount for that K1 or K1T. The state return uses the adjusted amount in its calculations. See the K1-St federal screen for additional information.
Adjustments for Exempt Income
Military pay (Force)
UltraTax CS calculates the military wages deduction from entries in the W2 federal screen that have a wage code of
4 - National Guard
or a state use code of 4 - Active military qualified for deduction
or 6 - Military reserve qualified for deduction
. Use this field to enter an amount that is different than the calculated amount.Railroad retirement income (Force)
UltraTax CS calculates the railroad retirement income adjustment from your entries in the SSA-1099 federal screen (Tier 1 railroad retirement benefits) and 1099R screen (if the
RR tier 2 benefits
field is marked). The calculated adjustment includes taxable Tier 1 and Tier 2 railroad benefits from federal Form 1040. Use this field to enter an amount that is different than the calculated amount.Tax Adjustments
UltraTax CS calculates the investment tax credit from several federal screens. Enter an amount that is different than calculated amount.
Capital Gain Exclusion
UltraTax CS uses the amount from this field to calculate Form 153, Part II. This field is used for capital gain amounts from pass through entities. This field is not automatically calculated, and must be manually entered.
Retirement community fees
UltraTax CS uses the amount from this field to adjust the total medical expense for and retirement community fees taht are not allowed for the deduction.
Complete Form 153 Part II (Force)
UltraTax CS uses this field to calculate Form 153, Part II when the only capital gain income on the return is from a pass through entity or installment sale.
Net capital gains held for three years or less
UltraTax CS uses the amount from this field to calculate Form 153, Part II. This field is not automatically calculated, if an amount is needed it must be manually entered.
Real estate used as primary or non-primary home
UltraTax CS uses information from units of the Sale federal scren with state use code
6
to calculate the capital gains net of unrecaptured Section 1250 gains for the sale of a farm or standing timber
. Use this field to enter an amount that is different from the calculated amount.Depreciable personal property
UltraTax CS uses information from units of the Sale federal screen with no state use code to calculate the capital gains net of unrecaptured Section 1250 gains that are held for more that 3 years. Use this field to enter an amount that is different from the calculated amount.
Stocks and bonds publicly traded or other financial instruments
UltraTax CS uses items from the statement for Schedule D detail the were held for more than 3 years. Use this field to enter an amount that is different from the calculated amount.
Amount from recomputed federal Form 4952
UltraTax CS uses this field to enter the recomputed federal 4952 when used for state purposes only.