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Screen UTAdj - Utah Adjustments (1065)

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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, SalePT, 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 TC-65, Schedule A - Utah Taxable Income. Use the
Force
 field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.
Section 179 included in gain / loss
This contains the total Section 179 expense deduction that was originally claimed on the assets disposed during the tax year. This amount is provided for reference purposes only.
Recapture of section 179 deduction (Force)
UltraTax CS uses information entered in the federal OthAsset screen, Other Sale and Depreciation Information, Form 4797 - Other Information section, Recapture of Section 179 expense deduction statement. If an amount is entered here, UltraTax CS uses this amount and not the federal amount.

Municipal Bond Interest Income

Municipal bond interest income
UltraTax CS transfers tax-exempt interest income from the federal K-4 and K1-5 screens to the statement. 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 shows the modified column in black and doesn’t replace the new data with subsequent federal-to-state data transfers. UltraTax CS transfers this amount to Schedules K and K-1, lines 5b.
note
UltraTax CS allocates the amount you enter to all partners based on their profit percentage. Select
PtrAlloc
 to allocate this amount to the appropriate partners.

Other

Utah guaranteed payments
UltraTax CS uses information entered on the federal 4835-2, F-2, Inc, K-2, OGWell, Rent, and SepK screens to calculate the Utah amount of guaranteed payments reported on Utah Schedules K and K-1. Enter an amount here to override the calculated amount for nonresident partners.
note
UltraTax CS allocates the amount you enter to all partners based on their profit percentage. Select
PtrAlloc
 to allocate this amount to the appropriate partners.
Utah health insurance paid for partners
UltraTax CS uses information in
Guaranteed payments specially allocate on the SepK screen: Health insurance
 in the federal 4835-2, F-2, Inc, and Rent screens and in
Other health insurance
 in the federal K-2 and K1-2 screens to calculate the Utah amount of Amounts paid for medical insurance reported on Utah Schedules K and K-1. Enter an amount to override the calculated amount of health insurance considered guaranteed payments to nonresident partners. UltraTax CS adds this amount to the Utah portion of
Other health insurance
 from the federal K-2 screen and
Amounts paid for medical insurance
 from the federal K1-2 screen.
note
UltraTax CS allocates the amount you enter to all partners based on their profit percentage. Select
PtrAlloc
to allocate this amount to the appropriate partners.

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