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am inputting R&D Supplies/tools which must now be amortized by 5 year mid-year convention and I am getting confused by what each field means in Procconnect. Added to the confusion is that the company was incorporated Sep 2022, so how much depreciation should I expect for a 10k R&D expense? Do we still get 10k/10=1k in depreciation? Or would it be smaller than that since they operated only for 3 months?
Any help would be greatly appreciated.
For instance, below I have to input 10k in R&D supplies:
Form: What does this mean? Is it where the entry will go to? Say I choose form 1120, would the depreciation go to depreciation under deduction on form 1120?
Date placed in service: Should I group the supplies by each month, then in put the sum in the middle of the month for example (10/15/2022, 11/15/2022, etc). Or should I just pick a random date in the year (if it's assumed to start depreciate mid-point of the year, I guess it wouldn't matter?)
Activity Name or number: every time I put a cursor on it there is a circle with a strike across it so I can't input anything in it. Do I need to input anything in it? If so, how to I override this?
Current Section 179. I can't expense it immediately, so I should put zero?
Method: I picked 91-non recovery, but where can I pick half year convention?
Prior section 179: I assume zero?
Prior special deprecation allowance: I assume zero?
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