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Screen MDAdj - Maryland Adjustments (1120)
Show all hidden content
Additions
State and local income tax
Enter state and local income tax in the statement attached to this box. Amounts in this statement are transferred from the
Taxes and licenses
statement window in the federal Inc and H screens. The application assumes these amounts aren't taxable to Maryland. Enter the amounts to include on Form 500, Page 2, line 7a or Form 510, Schedule K-1 in the State Amount column.note
Items will need to be entered in the statement window in order for the return to calculate correctly. Don't enter amounts directly in the input screen box.
Dividends and interest from other tax-exempt obligations
Enter tax exempt obligations in the statement. Amounts in this statement are transferred from the federal return. The application assumes these amounts aren't taxable to Maryland. Enter the amounts to include on Form 500, Page 2, line 7b or Form 510, Schedule K-1 in the State Amount column.
note
Items will need to be entered in the statement window in order for the return to calculate correctly. Don't enter amounts directly in the input screen box.
Subtractions
Dividends from related foreign corporations (C Corp)
Amounts in this statement are transferred from the federal C&E screen. Enter amounts in the State Amount column to specify which amounts to include on Form 500, Page 1, line 3c. The following foreign dividend amounts, net of special deductions, are transferred to this statement:
- Dividends from 20 percent-or-more-owned foreign corporations and certain FSCs that are subject to the 80 percent deduction
- Dividends from wholly owned foreign subsidiaries subject to the 100 percent deduction (section 245(b))
- Dividends from certain FSCs that are subject to the 100 percent deduction (section 245(c)(1))
- Other dividends from foreign corporations not included on Schedule C, lines 3, 6, 7, 8, 11, or 12
Other subtractions
Enter other subtraction amounts in the statement. These amounts are included in Page 2, line 8b of Form 500 or Form 510, Schedule K-1. To exclude an item from the state return, delete the amount or delete the entire line item from the statement. The application displays the modified column in black and won't replace the new data with subsequent federal-to-state data transfers.
State tax refunds
The application transfers amounts from the
State tax refunds
statement in the federal Inc and H screens. The application assumes these amounts aren't deductible in Maryland. Enter adjustments to state tax refunds in the State Amount
column of the statement.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 required to separately report to the 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 on 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 the federal SalePT and 8824PT screens in the Income and activities folders, and the K1Sale and 8824 screens 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 510, line 2; the Maryland Distributable Cash Flow Limitation Worksheet, line A and Form 510, Schedule K-1. A not required statement prints, detailing this amount. Use the
Force
box to override the calculated amount. If 0
(zero) is entered, no adjustment is made.Distributable Cash Flow Limitation (S Corp)
Adjustment to reconcile federal taxable income from accrual method of accounting to the cash method of accounting
The amount entered is either added or subtracted from the federal income (loss) on Form 1120S, Page 3, line 17d.
Amounts allowable as deductions for depreciation, amortization and depletion (Force)
The application transfers the amounts for total depreciation, total amortization, and total depletion to the Maryland Distributable Cash Flow Limitation Worksheet. Use this box to override the calculated amount.