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State Tax Depreciation on S corp
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Miesh1970
Level 1
01-17-2023
03:10 PM
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Intuit Tax Advisor Discussions
Hello, I have a s corp return with multiple states ( locations) the smallest is in NJ and the largest is in Ohio. The other state is Virginia. The client had 3million in profit in 2021. They purchased 2.9 million in assets in 2021. when the taxes were completed the Federal had a small loss of 3k. Nj income passed on sales yielded 300k in NJ income. and 1.7million in other jurisdictions. But not really. The Va k1 was 68k and te ohio composite was 608k in income which was not a pass through. The K 1 for NJ does not seem correct and the taxpayer owed a significant amount of money with the liability due. The whole NJ calculation does not seem correct. Am I missing something on the other states to carry over to the NJ K1?
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sjrcpa
Level 15
01-17-2023
03:58 PM
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1. Are they an S Corp in NJ? NJ requires a separate election.
2. Does NJ allow bonus depreciation? Or section 179 if that's what you used for federal.
3. Have you entered the state apportionment factors correctly?
Ex-AllStar
