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Generating Form 4562 in ProConnect Tax

SOLVED•by Intuit•ProConnect Tax•25•Updated July 14, 2022

This article will walk you through entering depreciable assets for all return types in ProConnect Tax. It also explains how to force Form 4562 to generate if it's not required by the IRS.

  1. Go to the Input Return tab.
  2. On the left-side menu, select Deductions and then Depreciation.
  3. Fill in any applicable information in the Quick Entry grid. Required fields:
    1. Form
    2. Date placed in service
    3. Cost or basis
    4. Method
  4. If more information is required, click the Details button to view additional input fields.
  5. Repeat steps 4 and 5 for additional assets.
  1. Go to the Input Return tab.
  2. On the left-side menu, select Ordinary Income and then Depreciation (4562).
  3. Fill in any applicable information in the Quick Entry grid. Required fields:
    1. Form
    2. Date placed in service
    3. Cost or basis
    4. Method
  4. If more information is required, click the Details button to view additional input fields.
  5. Repeat steps 4 and 5 for additional assets.
  1. Go to the Input Return tab.
  2. On the left-side menu, select Expenses and then Depreciation.
  3. Fill in any applicable information in the Quick Entry grid. Required fields:
    1. Form
    2. Date placed in service
    3. Cost or basis
    4. Method
  4. If more information is required, click the Details button to view additional input fields.
  5. Repeat steps 4 and 5 for additional assets.

When is Form 4562 required?

According to Form 4562 instructions, the form is required if the taxpayer claims any of the following:

  • Depreciation for property placed in service during the current tax year
  • Section 179 expense deduction (may include a carryover from a previous year)
  • Depreciation on any vehicle or other listed property (regardless of when it was placed in service)
  • A deduction for any vehicle reported on a form other than Schedule C (1040)
  • Any depreciation on a corporate income tax return (other than Form 1120S)
  • Amortization of costs that begins during the current tax year

Form 4562 will only print when the form is required.

  1. Go to the Input Return tab.
  2. On the left-side menu, select Deductions and then Depreciation.
  3. Click on the Misc./Sec. 179 [O] link in the upper right corner of the input screen.
  4. Under the subsection Form 4562, enter 2 in Form 4562 options: 1=when applicable, 2=force [Override].
  1. Go to the Input Return tab.
  2. On the left-side menu, select Deductions and then Depreciation.
  3. Click on the Misc./Short Year link in the upper right corner of the input screen.
  4. Under the subsection Form 4562, enter 2 in Form 4562 options: 1=when applicable, 2=force.
  1. Go to the Input Return tab.
  2. On the left-side menu, select Ordinary Income and then Depreciation.
  3. Click on the Misc./Short Year link in the upper right corner of the input screen.
  4. Under the subsection Form 4562, enter 2 in Form 4562 options: 1=when applicable, 2=force [Override].
  1. Go to the Input Return tab.
  2. On the left-side menu, select General and then Misc.(990-N, 990, 990-PF, 990-T).
  3. Scroll down to the Return Options subsection.
  4. Enter 1 in Form 4562 (990): 1=yes, 2=no [Override] or Form 4562 (990-PF): 1=yes, 2=no [Override].

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