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How do i enter catch-up depreciation in ProConnect? I am filing a 3115.

robinweaver
Level 3
 
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itonewbie
Level 15

The figure you enter for Line 26 of F.3115 is a plug-in.  It doesn't flow anywhere.  You will need to enter the same figure on Sch E.  If it's a positive adjustment, you would enter that on the line for Rents or royalties received.  If that's a negative adjustment, you may consider entering that as Other expenses (Click on button to expand).

There won't be a F.4562 but you'll adjust the method, class life, convention, and accumulated depreciation figures for each asset to which the §481(a) adjustment relates.  These will then be reflected on the depreciation schedules.

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itonewbie
Level 15

If you're looking for the input screens for F.3115, you just need to type in 3115 in the search box in the left panel and you'll find the links.

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robinweaver
Level 3

Thank you for replying.  I was able to complete the 3115 but I'm struggling to figure out how to get the catch-up amount on the Schedule E and 4562.  I've corrected for current depreciation, but how do I add the catch-up?

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itonewbie
Level 15

The figure you enter for Line 26 of F.3115 is a plug-in.  It doesn't flow anywhere.  You will need to enter the same figure on Sch E.  If it's a positive adjustment, you would enter that on the line for Rents or royalties received.  If that's a negative adjustment, you may consider entering that as Other expenses (Click on button to expand).

There won't be a F.4562 but you'll adjust the method, class life, convention, and accumulated depreciation figures for each asset to which the §481(a) adjustment relates.  These will then be reflected on the depreciation schedules.

---------------------------------------------------------------------------------
Still an AllStar

View solution in original post

robinweaver
Level 3

Thank you!

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itonewbie
Level 15

NP, @robinweaver!

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LTuttle1
Level 1

If the 3115 adjustment is for special depreciation on a rental property, do I just need to plug the 8825 Depreciation line with the current depreciation plus the special depreciation allowed for the current year?

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