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Screens

Screen COAdj - Colorado Adjustments (1120)

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Additions to Federal Income

Colorado income tax deduction (C Corp)
The application transfers amounts from the
Taxes and licenses
 statement window in federal Screen Inc, as well as from taxes entered in federal Screens Farm, Rent, and 4835. The application assumes these amounts are not taxable to Colorado. For C Corporations, enter adjustments to state and local income taxes in the
State Amount
 column of the statement window.
Tax-exempt interest
Tax-exempt interest and expenses attributable to tax-exempt interest transfer to this statement window from the federal return. The application assumes these amounts are not taxable to Colorado. To include tax-exempt interest and expenses in the return, enter adjustments in the
State Amount
 column of the statement window.

Subtractions From Federal Income

Excludable foreign source income (C Corp)
The application transfers amounts from federal Screen C & E. The application assumes these amounts are not deductible in Colorado. Enter adjustments to excludable foreign source income in the State Amount column of the statement window. Enter any additional excludable foreign source income here. Refer to the Colorado FYI Income 58 publication if you're claiming foreign taxes paid or accrued as a deduction. Data entered here transfers to Form 112, Excludable foreign source income, and is limited to the amount entered for
Foreign taxes paid or accrued (C Corp)
.
Foreign taxes claimed as a deduction (C Corp)
The application transfers amounts from federal Screen 1118 for pass-through entities when
Report foreign tax from pass-through entity as a deduction
 is marked in federal Screen FTC. Refer to the Colorado FYI Income 58 publication if you're claiming foreign taxes paid or accrued as a deduction.
State tax refunds
The application transfers amounts from the State tax refunds statement window in federal Screens Inc and H. The application assumes these amounts are not taxable in Colorado. Enter adjustments to state tax refunds in the State Amount column of the statement window.

Sale or Exchange of Section 179 Property (S Corp)

Gain (loss) reported separately from federal Schedule K, Line 17d (Force)
Per the Form 4797 instructions, S Corporations are needed to separately report to shareholders the sale, exchange, or other disposition of assets where a Section 179 expense deduction was claimed in a prior year. These asset dispositions are no longer reported on federal Forms 4797, 4684, 6252, or 8824, but instead are separately reported in federal Schedule K, line 17d and in the Schedule K-1 statements. The gain or loss on the disposition of Section 179 assets is calculated from information entered in federal Screens SalePT and 8824PT in the Income and activities folders, and Screens K1Sale and 8824 in the K1 1065, 1041 folder.
The application 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 106 and CO Shareholder’s Share of Income, Modifications, etc. Worksheet. A not required statement prints detailing this amount. Use the Force field to override the calculated amount. If
0
 (zero) is entered, no adjustment is made.

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