This is going to set me apart as a class-A geek, but...
Am I the only one who has noticed that ProSeries doesn't do depreciation correctly (or at least not the way I learned it)?
It doesn't allow for MQ depreciation.
I entered a new client's stuff, and prior year depreciation, and there was something really wonky going on, and when I looked, I figured out why. It had been purchased in November, and was being depreciated under MQ (as I learned it should be), but ProSeries was trying to "correct" it to HY. I couldn't figure out for the life of me how to change it to MQ. That just doesn't seem to be an option at all.
So, did I miss some IRS bulletin and the rules changed? Or does PS just figure it doesn't really matter in the grand scheme of things?
Being "placed in service" in November does not automatically mean MQ. The MQ only applies if 40% of asset Basis was placed in service in the last quarter.
For new assets for the current year, ProSeries figures that out for us. But when you enter a prior year asset, it assumes HY unless you tell it otherwise.
As Lisa said, if you go WAY down on the Asset Entry Worksheet, you can change it.