New (tax) year, new help!

Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.

Iowa has a single number bonus adjustment which is reported on Form IA1041, line 9 as other income.  The adjustment has a depreciation component and a disposition component, both of which are calculated on Form 4562.  The depreciation adjustment is the difference between depreciation calculated with and without bonus. 

Assets entered in an asset tab are displayed in a subschedule on Screen IADepr on an asset-by-asset basis.  Manual adjustments can be made in the federal asset module or on Screen IADepr.

Related topic: 1041 Iowa frequently asked questions

Was this article helpful?

Yes No

Submit