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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Does anyone see how the depreciation isn't being carried over to the NJ CBT100S return correctly when section 179 is used.
Does anyone see how the depreciation isn't being carried over to the NJ CBT100S return correctly when section 179 is used.
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Nancy9
Level 3
02-16-2023
02:36 PM
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It is including the 179 in the federal amount but when determining the difference it is not including it in the NJ amount. Looks like it is the way NJ asked the question on page 16 line 11. I also had a problem when I chose special depreciation in federal page 9 doesn't pick up depreciaton on prior year assets.But 16 does.
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taxes96786
Level 9
02-17-2023
04:06 AM
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Does NJ allow Sec 179? Do you have NJ instructions that address this?
Nancy9
Level 3
02-20-2023
11:00 AM
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Yes NJ allows up to $25000 deduction. If you take more than $25000 on federal you have to add back the excess. However, on page 16 the line reads if your federal was more than $25000 insert $25000 here and if not more than $25000 leave blank. Which means if you only had $18000 of section 179 they aren't including it. (But should since they'd allow $25000 it if it was over $25000) Catch my drift?
