Skip to main content

Solutions

Products

Recommended products

Questions? We are here to help.
Contact us

Purchase

Questions? We are here to help.

Resources

Screens

Screen GAAdj - Georgia Adjustments (1065)

Show all hidden content

Additions

State and municipal bond interest
This statement contains all tax-exempt interest information entered on the federal K-4 and K1-5 screens. To exclude an item from the state return, delete the amount, enter a zero, or delete the entire line item from the statement. UltraTax CS displays the modified column in black and will not overwrite the new data with subsequent federal-to-state data transfers. For more information (including details on setting a user preference to mark fields for which you overruled the transferred amount), see Statements overview.
Net income taxes imposed by other taxing jurisdictions
UltraTax CS transfers the taxes entered in the federal Inc, F-2, 4835-2 and Rent screens to this statement. Use the type codes listed in the following table to classify the amounts as taxes based on income or other types of taxes. Items classified as taxes based on income are included on Form 700.
Type Code
Description
Destination
T
Taxes based on income
Form 700, Page 2, Schedule 4, line 2
O
Other (default)
Does not transfer to return

Subtractions

Interest expense attributable to interest on US obligations
Enter an amount to reduce the amount reported on Form 700, Page 2, Schedule 5, line 1.
Section 108(i) deferred federal income adjustment (Force)
UltraTax CS automatically calculates this amount and includes it on Form 700, Page 2, Schedule 5, line 4. Enter an amount to override the calculated amount.

Disposal of Property with Section 179 Expense in Prior Year

Gain / loss reported separately from federal Schedule K, line 20c
The IRS requires partnerships to separately report the disposition of assets where Section 179 expense was claimed in a prior year. These dispositions are no longer reported on Forms 4797 and 8824, but instead are reported on federal Schedule K, line 20c. This amount is calculated from information entered in the federal 8824PT, Sale PT, and K1Sale screens.
UltraTax CS reduces the basis of the asset by the amount of the Section 179 deduction when calculating the gain or loss. This amount is included on Form IT-CR, the GA Composite Partner Information Worksheet, and the GA Partner’s Share of Additions, Subtractions, & Credits Worksheet. A nonsubmittable statement will print detailing this amount. Use the
Force
 field to override the calculated amount. If
0
 is entered, no adjustment will be made.

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close