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Will an override on the Depreciation Method from calculated 200DB to SL be an issue when e-filing? New client has assets that past preparer listed using SL MQ.

karenh
Level 2
I'm preparing this return in ProSeries Basic Edition - 2019.
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motax
Level 3

On the asset entry worksheet, go to "type of asset" and select "other" which is the next to last item in the drop-down.  Then go to the bottom of the worksheet and fill in the appropriate boxes.

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10 Replies 10
Terry53029
Level 11
Level 11

You are required to do depreciation according to IRS rules. not what was done incorrectly in past years.

You need to advise client if it was incorrect in past.

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sjrcpa
Level 15

It is permissible to elect SL when assets are placed in service.


ex-AllStar
karenh
Level 2

Thank you.  My question is how do I mark that without creating an override?

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TaxGuyBill
Level 14

The program still marks it as an override (I'm not sure why).  But I don't think that one causes an e-file problem.

In the event it does have a program due to that 'override', you can e-file through the Homebase, then check the box to disable error-checking.

rbynaker
Level 11

Just thinking out loud.  Would you use the "other" method and then manually put the method/life/etc. down at the bottom of the Asset Entry Wks?

TaxGuyBill
Level 14

That would probably work, and wouldn't need to 'override'.  But it seems like more work.   🙂

karenh
Level 2

I don't see where to select "other".  I'm working in ProSeries Basic.  I don't want to have to reenter all of the data in ProSeries Professional.

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motax
Level 3

On the asset entry worksheet, go to "type of asset" and select "other" which is the next to last item in the drop-down.  Then go to the bottom of the worksheet and fill in the appropriate boxes.

View solution in original post

karenh
Level 2

Thank you so much.  

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karenh
Level 2

Do you know if this is a method available in Basic?  I've never tried that before.  Honestly, in the years I've been e-filing (and always with ProSeries) I don't ever remember having an override.  

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