1040-IN: Depreciation

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Depreciation amounts calculated via the Asset module under Indiana law transfer to Screen IN4562. UltraTax CS uses these amounts to calculate the Indiana Form 4562 Worksheet and the Indiana Depreciation Reconciliation Worksheet. Amounts calculated on the reconciliation worksheet for the difference between depreciation allowed under federal law and depreciation allowed under Indiana law are reported on Schedule 1 or Schedule B.

Depreciation adjustments from pass-through entities are entered on federal Screen K1-St and are also included on the Indiana Depreciation Reconciliation Worksheet.

Use Screen INDepr, in the Depr folder, to force amounts that appear on the reconciliation worksheet and Schedule 1 or Schedule B.

Retroactive Conformity

For depreciable assets that fall under a special category for which add-backs were reported in prior years for which Indiana retroactively conformed to allow the federal depreciation method under Indiana law, enter the catch-up amount in the final year or depreciation or year of disposal on Screen INAdj-2.

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