Bonus depreciation not calculating

[lorizcpa]

What am I doing wrong...I'm amending a 2019 return for a Schedule C asset that was not given to me at that time.  When I input it, it is not calculating the Bonus Depreciation.  When I put a "1" in the box to override it with a yes, it is still not calculating.  Asset was placed in service in Nov. 2019.  Lacerte calculates bonus automatically unless you override and opt out.  And I'm aware an election to opt out has to be filed timely.  So why is Lacerte not calculating it?

Also, I tested it out by entering a random asset in 2020 and 2021 in the same client with the same date and those are also not calculating bonus.  I have been working with lacerte for 15 years so I should know what I'm doing.  What am I missing?

[PhoebeRoberts]

You're amending a 2019 return, in the 2019 Lacerte program, using a placed in service date in 2019? (I'm asking because you mention "in 2020 and 2021 in the same client with the same date.")

What does the 2019 depreciation schedule in Forms look like?

[lorizcpa]

Yes, I'm using 2019 Lacerte and placed in service date of 11/15/19. When I tested it in 20 and 21 I used 20 and 21 dates.

Federal Depr schedule in 2019 shows date 11/15/19; cost 70,134; Method 200DB MQ; Life 5; current depr 3,507

Method is MACRS 5 year % Vehicles over 6,000 lbs, no limits

[PhoebeRoberts]

Hmmm, a mystery. I cannot recreate the result you're getting without doing something like checking the "elected out of SDA for this property" checkbox (which overrides the "SDA 1=yes" line immediately above it). I can make it not qualify for bonus depreciation (business use % too low), but that doesn't give the same amount of regular depreciation.

If you press Ctrl+W while on that asset in the depreciation screen, do you have an entry with code 488? If so, delete it. (Ctrl+W again will get you back into normal input.)

I suspect that emailing the return to support is the way to go - this is something you-specific, which sometimes is "there's accidentally a random box checked" and sometimes "Lacerte breaks only when faced with the combination of entries you have." It is really, really odd that you're getting the same result across multiple years, though.

[lorizcpa]

Thank you.  Your response prompted me to search for a randomly checked box since it seemed to be something on my program only and this client only, before I called support.  I found it.  "Elect out of all SDA" under Misc. Overrides was checked.  And carried over every year. 

[PhoebeRoberts]

D'oh! I hate it when I do that. Glad you figured it out!