An entry of "C" on federal Basic Data Worksheet, Stock Ownership Section, Entity Field - State Use carries the 50% or More Owned by Another Entity section to Form TC-20, page 2, question 3. If these fields are blank, the entries on federal Basic Data Worksheet, Stock Ownership Section in this section are not used.
Current year capital losses not deducted on the federal return are subtracted from federal taxable income when computing Utah net taxable income. An entry on Utah
The contributions carryover deducted on the federal return is added back on the Utah return. Additionally, any federal current year contribution deduction exceeding ten percent of Utah net taxable income before the contribution deduction is also added back.
Wages or salaries eligible for the federal Employment Credit which were not deducted on the federal return carry to Form TC-20, as a subtraction from federal taxable income.
State taxes carry to the federal return only when a "State and City Tax Accrual Option" is selected. Taxes computed on the Utah return carry to page one of the federal return if 1 is entered on the Federal General Worksheet, Return/Calculation Options, State and City Tax Accrual Option field. The tax also accrues to the appropriate sections of the federal balance sheet.
State Tax Accrual Option 2 carries state taxes computed on the Utah return to page one of the federal return but does not accrue them to the federal balance sheet. If required, a Schedule M-1 book/tax adjustment is made.
State Tax Accrual Option 3 accrues state taxes to the balance sheet in the same manner as code 1, but tax expense carries to the rental schedule instead of Form 1120, page one.
State Tax Accrual Option 4 does not accrue state taxes to the balance sheet, but tax expense carries to the rental schedule instead of Form 1120, page one.
If a State Tax Accrual Option is not selected, state taxes computed on the Utah return neither carry to the federal return nor accrue to the balance sheet.
Amounts for state and local taxes entered on the federal Income/Deduction worksheet, Business section, Taxes and License sub-section, State and City Amount field, will be automatically deducted from the applicable state and city returns.
Refund amounts entered on the federal Income/Deduction worksheet, Business section, State and City Tax Refunds field will be automatically deducted from the applicable state and city returns.
The state entered on the federal Basic Data worksheet, General Information section, State Code field, is assumed to be the state from which the refund was received, if the state code on the federal Income/Deduction worksheet, Business section, State Code field, is left blank.
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