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K-1 box 17 code v stmt has 'your share of bonus depreciation' shareholder filing instructions 'add 5/6th back on your ohio income tax return'

How do I handle this on my federal & state returns?

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ToddL
New Member

K-1 box 17 code v stmt has 'your share of bonus depreciation' shareholder filing instructions 'add 5/6th back on your ohio income tax return'

It isn't treated differently on your federal tax return; just enter the K-1 in the K-1 interview of the Business Investment and Estate/Trust Income section of Wages and Income.

When you come to the Ohio return, the interview will have a screen for adjustments to federal item; this screen typically starts with "Here's the income that Ohio handles differently". One of those categories will be "Depreciation adjustments".

By "add 5/6th back on your ohio income tax return, they mean to multiply the federal bonus depreciation in Box 17, Code V by 5/6 and enter the result as an adjustment. The effect of making this adjustment will be to increase your IL taxable income by the amount of the adjustment, by decreasing the depreciation claimed for IL.

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3 Replies
ToddL
New Member

K-1 box 17 code v stmt has 'your share of bonus depreciation' shareholder filing instructions 'add 5/6th back on your ohio income tax return'

It isn't treated differently on your federal tax return; just enter the K-1 in the K-1 interview of the Business Investment and Estate/Trust Income section of Wages and Income.

When you come to the Ohio return, the interview will have a screen for adjustments to federal item; this screen typically starts with "Here's the income that Ohio handles differently". One of those categories will be "Depreciation adjustments".

By "add 5/6th back on your ohio income tax return, they mean to multiply the federal bonus depreciation in Box 17, Code V by 5/6 and enter the result as an adjustment. The effect of making this adjustment will be to increase your IL taxable income by the amount of the adjustment, by decreasing the depreciation claimed for IL.

K-1 box 17 code v stmt has 'your share of bonus depreciation' shareholder filing instructions 'add 5/6th back on your ohio income tax return'

I don't know where to go to add back special depreciation on state of ohio return

 

DianeW777
Employee Tax Expert

K-1 box 17 code v stmt has 'your share of bonus depreciation' shareholder filing instructions 'add 5/6th back on your ohio income tax return'

The special depreciation is added back on Schedule A, Line 7.  To accomplish this you go through the Ohio interview and watch for this question:

  • Any Pass-Through Entities? - There will be a box to enter your amount from your K-1.  
  • See the worksheet to calculate your addback by using OH IT-1040 Instructions (page 30). The addback fraction is determined based on the deduction period.
  • If you need to addback for your business you can do that on the 'Here's the income that Ohio handles differently page by scrolling to the Business section and selecting Bonus Depreciation addback
  • [Edited: 03/03/2021 | 5:48a PST]
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