Triva isn't available right now.
Check out the support page for our phone number and hours
Asset depreciation issues for 1040 state returns
Review the following list of depreciation issues if you're entering asset information for a 1040 state or city return in the asset module.
- Alabama: UltraTax CS uses data entered in the AL column to calculate depreciation following Alabama law. Complete the AL column to prepare an Alabama return.
- Arizona: UltraTax CS uses data entered in the AZ column to calculate depreciation following Arizona law. Complete the AZ column to prepare an Arizona return.noteEnter the federal amount (from the Tax column) of section 179 in the AZ column.
- Arkansas: UltraTax CS uses data entered in the AR column to calculate depreciation following Arkansas law. Complete the AR column to prepare an Arkansas return.
- California: UltraTax CS uses data entered in the CA column to calculate depreciation following California law. The California depreciation adjustment that transfers to California Schedule CA is the difference between federal Tax amounts and CA amounts. Complete the CA column to report the California adjustment on Schedule CA. UltraTax CS uses data entered in the CAAMT column to calculate the adjustment, which transfers to California Schedule P. If you don't enter data in the CAAMT column, the AMT depreciation adjustment for Schedule P is based on the amounts entered in the federal AMT column.
- Colorado: Colorado uses federal depreciation amounts for calculation purposes. Data entered in the CO column isn't used to calculate amounts for the Colorado return.
- Connecticut: Connecticut uses federal depreciation amounts for calculation purposes. Data entered in the CT column isn't used to calculate amounts for the Connecticut return.
- Delaware: Delaware uses federal depreciation amounts for calculation purposes. Data entered in the DE column isn't used to calculate amounts for the Delaware return.
- District of Columbia: UltraTax CS uses data entered in the DC column to calculate depreciation following District of Columbia law. Complete the DC column to prepare a District of Columbia return.
- Georgia: UltraTax CS uses data entered in the GA column to calculate depreciation following Georgia law. Complete the GA column to prepare a Georgia return.
- Hawaii: UltraTax CS uses data entered in the HI column to calculate depreciation following Hawaii law. Complete the HI column to prepare a Hawaii return.
- Idaho: UltraTax CS uses data entered in the ID column to calculate depreciation following Idaho law. Complete the ID column to prepare an Idaho return.
- Illinois: Illinois uses federal depreciation amounts for calculation purposes. UltraTax CS calculates depreciation adjustments (necessary due to the state's noncompliance with section 168(k) bonus depreciation) from amounts in the federal Tax column. Data entered in the IL column isn't used to calculate amounts for the Illinois return.
- Indiana: UltraTax CS uses data entered in the IN column to calculate depreciation following Indiana law. Complete the IN column to prepare an Indiana return.
- Iowa: UltraTax CS uses data entered in the IA column to calculate depreciation following Iowa law. Complete the IA column to prepare an Iowa return.
- Kansas: Kansas uses federal depreciation amounts for calculation purposes. Data entered in the KS column isn't used to calculate amounts for the Kansas return.
- Kentucky: UltraTax CS uses data entered in the KY column to calculate depreciation following Kentucky law. Complete the KY column to prepare a Kentucky return.
- Louisiana: Louisiana uses federal depreciation amounts for calculation purposes. Data entered in the LA column isn't used to calculate amounts for the Louisiana return.
- Maine: UltraTax CS uses data entered in the ME column to calculate depreciation following Maine law. Complete the ME column to prepare a Maine return.
- Maryland: UltraTax CS uses data entered in the MD column to calculate depreciation following Maryland law. Complete the MD column to prepare a Maryland return.
- Massachusetts: UltraTax CS uses data entered in the MA column to calculate depreciation following Massachusetts law. Complete the MA column to prepare a Massachusetts return.
- Michigan: Michigan uses federal depreciation amounts for calculation purposes. Data entered in the MI column isn't used to calculate amounts for the Michigan return.
- Minnesota: Minnesota uses federal depreciation amounts for calculation purposes. UltraTax CS calculates depreciation adjustments (necessary due to the state's noncompliance with section 168(k) bonus depreciation and additional section 179 expense) from amounts in the federal Tax column. Data entered in the MN column should come from lines 4 of MN Schedules KPI and KS only. UltraTax CS uses that data to calculate the adjustment between federal section 179 and MN allowable section 179 expenses and a bonus add back/adjustment. Use of the MN column for any other purpose could result in an incorrect MN adjustment for section 179 add-back.
- Mississippi: UltraTax CS uses data entered in the MS column to calculate depreciation following Mississippi law. Complete the MS column to prepare a Mississippi return.
- Missouri: UltraTax CS uses data entered in the MO column to calculate depreciation following Missouri law. Complete the MO column to prepare a Missouri return.
- Montana: Montana uses federal depreciation amounts for calculation purposes. Data entered in the MT column isn't used to calculate amounts for the Montana return.
- Nebraska: Nebraska uses federal depreciation amounts for calculation purposes. Data entered in the NE column isn't used to calculate amounts for the Nebraska return.
- New Hampshire: UltraTax CS uses data entered in the NH column to calculate depreciation following New Hampshire law. Complete the NH column to prepare a New Hampshire return.
- New Jersey: UltraTax CS recalculates amounts for New Jersey business and farm income and rent, royalty, or copyright income using state depreciation information entered in the NJ column. Complete the NJ column to prepare a New Jersey return.
- New Mexico: New Mexico uses federal depreciation amounts for calculation purposes. Data entered in the NM column isn't used to calculate amounts for the New Mexico return.
- New York: After calculating depreciation, UltraTax CS transfers depreciation amounts for assets entered with an ACRS code in the Tax column (not the NY column) to theForm IT-399 and NYC-399 - Computation of allowable depreciation, In Servicestatement window. If you don't enter depreciation amounts in the asset module, enter information directly in the NYAdj screen in theForm IT-399 and NYC-399 - Computation of allowable depreciation, In Servicestatement window.noteNew York doesn't acceptvariousfor the date acquired. Don't enter999999in theAcquiredfield.
- Form IT-399 asset dispositions: UltraTax CS transfers post-1980 ACRS assets disposed of during the current year into the statement window attached to theForm IT-399 and NYC-399 - Computation of allowable depreciation, Soldfield in the NYAdj screen.
- Form IT-399 federal imports: The following table includes information about the source of imported federal amounts. It refers to depreciation amounts from the asset module.FieldFederal sourceFederal ACRS deductionTotal current federal depreciation for assets with aTaxACRS depreciation code and aNew Yorknon-ACRS depreciation code.New York depreciationTotal current state depreciation for assets with aTaxACRS depreciation code and aNew Yorknon-ACRS depreciation code.
- Form IT-398 data calculation and transfer: After calculating depreciation, UltraTax CS transfers depreciation amounts for non-NY Liberty Zone assets placed in service on or after June 1, 2003 and entered with federal bonus depreciation in the Federal column (not in the NY column) to theForm IT-398 Computation of allowable depreciation, In Servicestatement window in the NYAdj screen. If you don't enter depreciation amounts in the asset module, enter the information directly in the NYAdj screen in theForm IT-398 Computation of allowable depreciation, In Servicestatement window.noteNew York doesn't acceptvariousfor the date acquired. Don't enter999999in theAcquiredfield.
- Form IT-398 asset dispositions: UltraTax CS transfers assets placed in service on or after June 1, 2003, included in calculations for federal, but not state, bonus depreciation, and disposed of during the current year, into the statement window attached to theForm IT-398 Computation of allowable depreciation, Soldfield in the NYAdj screen.
- Form IT-398 federal imports: The following table contains information concerning the source of imported federal amounts. It refers to depreciation amounts from the asset module.FieldFederal sourceFederal depreciation deductionTotal current federal depreciation for assets with federal bonus depreciation.New Yorkisn't permitted bonus depreciation.New York depreciation deductionTotal current state depreciation for assets withTaxbonus depreciation.New Yorkisn't permitted bonus depreciation.
- Form IT-212 data calculation and transfer: UltraTax CS transfers assets to the NYCr screen for Form IT-212 Investment Credit. SelectCredit Informationin theOthertab of the asset module and enter information in theCredit Informationwindow for the specified asset to indicate that the asset should transfer to the NYCr screen. If the asset is also disposed in the current year, information transfers to theEarly dispositions of qualified propertyfield in the NYCr screen. If you don't enter depreciation amounts in the asset module, enter the information directly in the NYCr screen in theInvestments in qualified propertyorEarly dispositions of qualified propertystatement windows.
- Forms IT-201 and IT-203 data calculation and transfer: New York taxpayers who elect section 179 expense on a non-farm SUV need to add the section 179 expense back into income. UltraTax CS transfers the section 179 expense to theForm IT-398 Computation of allowable depreciation, In Servicestatement window in the NYAdj screen if the asset is marked as a New York SUV (over 6,000 pounds) within the asset module. To indicate the vehicle is an SUV subject to the add-back requirements, selectVehicle, then theListedtab for the specified asset,State Vehicle Information, and mark theNew York SUV (over 6,000 pounds)option. Don't adjust the section 179 expense amount under the NY column for the asset. Upon disposal of a non-farm SUV for which the taxpayer elected section 179 expense, if the asset is marked as a New York SUV (over 6,000 pounds), the section 179 expense previously added back to New York income will transfer and result in a subtraction in the year of disposal. UltraTax CS transfers the section 179 expense to the statement window attached to theForm IT-398 Computation of allowable depreciation, Soldfield in the NYAdj screen.
- New York City: After depreciation calculates, UltraTax CS transfers depreciation amounts for non-Liberty Zone and non-Resurgence Zone assets depreciated according to section 168(k). Federal depreciation transfers from the Tax column. New York City depreciation amounts transfer from the New York City column that determines allowable depreciation without regard to bonus depreciation. Transferred amounts appear in the statement window for theForm IT-399Z - Computation of allowable depreciation, Other or SUVfield in the NYAdj screen. Only assets related to Schedule C or Schedule F transfer for New York City purposes.
- Asset dispositions: If an asset is disposed and the disposed asset depreciated according to federal section 168(k), amounts transfer to the statement window attached to theForm IT-399Z - Computation of allowable depreciation, Soldfield in the NYAdj screen.
- North Carolina: North Carolina uses federal depreciation amounts for calculation purposes. UltraTax CS calculates depreciation adjustments, necessary due to the state's noncompliance with section 168(k) bonus depreciation, in the federal Tax column. Data entered in the NC column isn't used to calculate amounts for the North Carolina return.
- North Dakota: North Dakota uses federal depreciation amounts for calculation purposes. Data entered in the ND column isn't used to calculate amounts for the North Dakota return.
- Ohio: Ohio uses federal depreciation amounts for calculation purposes. UltraTax calculates depreciation adjustments, necessary due to the state's noncompliance with section 168(k) bonus depreciation and excess section 179 deductions, from amounts in the federal Tax column. Data entered in the OH column isn't used to calculate amounts for the Ohio return.
- Oklahoma: Oklahoma uses federal depreciation amounts for calculation purposes. Data entered in the OK column isn't used to calculate amounts for the Oklahoma return.
- Oregon: UltraTax CS uses data entered in the OR column to calculate depreciation following Oregon law. Complete the OR column to prepare an Oregon return.
- Pennsylvania: UltraTax CS uses data entered in the PA column to calculate depreciation following Pennsylvania law. Complete the PA column to prepare a Pennsylvania return.
- Rhode Island: UltraTax CS uses data entered in the RI column to calculate depreciation following Rhode Island law. Complete the RI column to prepare a Rhode Island return.
- Data calculation and transfer: UltraTax CS transfers assets to the RICr screen for Form RI-3468, Computation of Investment Tax Credit. To mark an asset as qualifying for the Rhode Island Investment Tax Credit, open the asset in the asset module, selectCredit Informationin theOthertab, and mark theQualified for investment tax creditcheckbox in theRI Investment Credittab.
- South Carolina: UltraTax CS uses data entered in the SC column to calculate depreciation following South Carolina law. Complete the SC column to prepare a South Carolina return.
- Tennessee:
- Form FAE 170, Schedule J, data calculation and transfer: After calculating depreciation, UltraTax CS transfers asset depreciation amounts to theFederal depreciationstatement window in the LLCDep screen. If you don't enter depreciation amounts in the asset module, enter the information directly in the LLCDep screen in theFederal depreciationstatement window. You can use Force fields in the statement window to edit amounts that transfer. Items manually entered in the statement window aren't replaced or deleted when assets are entered, and transfer from, the asset module. Transferred asset information appears as additional line items in the statement window.
- Form FAE 170, Schedule G, data calculation and transfer: After calculating depreciation, UltraTax CS transfers asset depreciation amounts from the Book treatment column in the asset module to the LLCFNW screen based on the apportionment category entered in the asset module. In the absence of a Book treatment, the amounts transfer from the Tennessee treatment column in the asset module. Only assets withTennesseeselected in theSitusfield transfer. Use the Force fields in the statement windows to edit amounts that transfer. Items manually entered in the statement window aren't replaced or deleted when assets are entered, and transfer from, the asset module. Transferred asset information appears as additional line items in the statement window.
- Form FAE 170, Schedule N: After calculating depreciation, UltraTax CS transfers original cost amounts for assets from the Tennessee treatment column to theOriginal Costfields in the LLCApp screen based on the apportionment category entered in the asset module. Assets withTennesseeselected in theSitusfield transfer to the In Tennessee columns in the statement window. Use the Force fields in the statement windows to edit amounts that transfer to the In Tennessee columns. Items manually entered in the statement window aren't replaced or deleted when assets are entered, and transferred from, the asset module. Transferred asset information appears as additional line items in the statement window.
- Utah: Utah uses federal depreciation amounts for calculation purposes. Data entered in the UT column isn't used to calculate amounts for the Utah return.
- Vermont: UltraTax CS uses data entered in the VT column to calculate depreciation following Vermont law. Complete the VT column to prepare a Vermont return.
- Virginia: UltraTax CS uses data entered in the VA column to calculate depreciation following Virginia law. Complete the VA column to prepare a Virginia return.
- West Virginia: West Virginia uses federal depreciation amounts for calculation purposes. Data entered in the WV column isn't used to calculate amounts for the West Virginia return.
- Wisconsin: UltraTax CS uses data entered in the WI column to calculate depreciation following Wisconsin law. Complete the WI column to prepare a Wisconsin return.