You can use the depreciation Direct Input screens to generate Form 4562 with depreciation amounts maintained outside of ProConnect Tax.
Follow these steps to generate Form 4562 using Direct Input:
- Go to the Input Return tab.
- On the left-side navigation menu, select Deductions and choose Direct Input (4562).
- Select Direct Input.
- Enter the amounts you'd like to report on Form 4562.
- Click the + (plus sign) at the top of your screen to add more entries.
Mandatory entries on the Direct Input screens
The fields below are mandatory entries on the Direct Input screens.
- Description of property
- Form (Click on arrow to select from list)
- Activity name or number
- Date placed in service (negative date=various)
Don't use the Deductions > Depreciation screen for any return where Direct Input is utilized.