2018 UltraTax CS
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.
This information is used 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, a Section 179 adjustment does not calculate for part-year residents or nonresidents. Use Screen INDepr to force the adjustment to report on Schedule 1 or Schedule B.