1040-IN: Section 179 expense

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Indiana does not conform to federal law for the elected/allowed amount of Section 179 expense. When entering the elected amount of Section 179 expense in the Asset module, a warning message displays if the total amount elected for Indiana purposes exceeds the threshold amount per Indiana law.

Enter the Indiana amount of elected expense from a pass-through entity on Screen K1-3 or Screen K1T.

UltraTax CS uses this information on the Indiana Form 4562 Worksheet and the Indiana Depreciation Reconciliation Worksheet in order to determine the adjustment to report on Schedule 1 or Schedule B.

Information reported on Schedule IN-K1 for part-year residents and nonresidents is not sufficient to determine the Section 179 expense allowable from the pass-through entity. Thus, UltraTax CS does not calculate a Section 179 adjustment for part-year residents or nonresidents. Use Screen INDepr to force the adjustment to report on Schedule 1 or Schedule B.

Related topic: 1040 Indiana frequently asked questions

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