Is Lacerte calculating 199A UBIA correctly?

[khunt]

Lacerte is including basis for assets that have ended their depreciable period before the end of the taxable year for purposes of 199A. I have called customer support twice over the last month to have development look at it, but it doesn't seem to be getting escalated. Perhaps my interpretation of the code is wrong, please advise or fix.

Example: Five year asset PIS 6/30/2008. The depreciable period for UBIA is defined as the later of 1) last year of full depreciation - 12/31/2012, or 2) 10 years after PIS - 6/30/2018. The code states the depreciable period can not end by the end of the taxable year. That makes 2017 the last year for this asset to be included in UBIA.  Lacerte is including the 2008 asset in 2018's UBIA when 2017 should have been the last year for the asset.

[George4Tacks]

@Kathi_at_Intuit may have some input.

[George4Tacks · Accepted solution]

For future reference, when you find an error such as this, use Ctrl + L to start a service request. HOPEFULLY that will get it to product support quicker. 

[Kathi_at_Intuit]

Hi thanks for reaching out and thank you @George4Tacks for tagging me. I have reported this to our development so that they will take a look. As a workaround you would be able to enter a 2 in Depreciation>Additional Information>Unadjusted Basis Immediately After Acquisition>1=included asset, 2=exclude asset [O] to exclude the asset.

[claire]

Any idea when there might be an update on this?

[khunt]

I believe it's working now - as of this week. You may need to still do overrides to adjust for 754 (as applicable) and add backs for prior reduction of basis from credits (ie solar).

[claire]

Thank you; yes I went back and checked and it looks like that is working.  Is Lacerte now also removing 754 assets from the computation? at my first run through, it was not, but now those UBIA totals seem to have changed.