We have a coporation and file a K-1. This year we have an attached form from our accountant, which is a an IT-20S. This form shows the Indiana Dept of Revenue shareholder's deductions, modications, etc. On this form on line 14, we have something under State Modifications called a Net Bonus Depreciation Allowance. This number is -12525.00. I am supposed to put this somewhere on our Federal form, but I can't find where I would enter this number. I am using website software to do my taxes. I think it is supposed to end up on line 4 on the state, I think, but I don't know where to enter it? Thank you if you can help. I appreciate your time....
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It doesn't go on your federal return
it's an adjustment to your state return.
Why don't you have your accountant take care of your personal return? -
Brownie who are you? If you are like some people I know (my wife and all 3 of my kids), then you thrive on knowledge. They are sponges when it comes to learning. In fact, they would gladly skip a meal, miss their favorite tv show, etc. given the chance to learn something new.Dave, EAComment
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state adjustment
Agree, with Veritas, the (-) gives you the clue, it is the difference between your Federal deduction for that line and what you are allowed to declare on your State for that same deduction.
Take a look at your State booklet and it should have an explanation for you.
SandyComment
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I do my own personal taxes because it's too expensive to hire someone, it's a challenge and quite fun to tackle it, plus I have been doing mine for years. It's not that difficult outside of a few very odd questions, such as the one that I have. I finally got ahold of the accountant and she said that this number needs to end up on line 6 of our state taxes, but within the software program that she uses, it is added under the Federal. I am still trying to find a place to enter it in my own software program. That will by my quest for the day...
Thank you for your time...
( I also volunteer my time in another area helping people from all over the world, so I appreciate your time as well...)Comment
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Another Set of Eyes
Congrats on doing your own return.
I have had people do their own return and bring the results in when I prepare their return.
In most if not all cases a couple of errors pop up. Whenever someone tells me that they prepare their own return, I suggest they have a tax pro review their work at least every three years. That allows for amending any errors within the statute of limitations.
However in Ohio if the t/p is unaware that filing MFS saves money on the Ohio return (when t/p and spouse are in the same federal bracket) the conversation gets interesting.
Of course the problem is that if they have filed MFJ and the filing deadline has passed, they cannot change to MFS. (Fed must be MFS to file separate Ohio returns.)
Net result of the MFS filing is up to $600 less Ohio tax per year.
Who was it who said 'You can pay me now or you can pay me later'?
I hope this helps.Comment
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You gotta ask yourself a question
"Do I feel lucky?"Comment
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Veritas, what does that mean? I don't think luck has anything to do with it... I don't believe in luck.... good or bad.
I found out that the number for this has to be entered by hand on the State formbecause my software program did not have the capability to enter it through the Federal k-1, although there are some out there that do. Problem solved!Comment
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Self-prepared returns
I think more people should prepare their own returns. Many only have a 1040 and Schedule A & B and it does not take a CPA to do that kind of return year-after-year.
Unless there are some unusual items, people could generally get professional help the first time, then keep doing it the same way unless something new came up.Comment
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