Provide an override for the election statement to opt out of bonus depreciation

[MichelleH]

I am unable to override the election statement to opt out of bonus depreciation which was carried forward (proforma'd) from the prior year program. I had made a blanket election to opt out of bonus depreciation on a partnership return in 2021.  It should have been an annual election but the program has carried it forward to 2022. I do wish to take bonus depreciation in 2022. There was no diagnostic warning of this.  I was able to override and claim the current bonus depreciation.  The return would be fine to e-file except for the fact that I can find no way to override the election statement which will e-file with the return.  There should be a way to override the inclusion of the election statement.

[TaxGuyBill]

Somebody else had made a similar complaint.  I think they were able to resolve it by going through each asset (even the prior year ones) to uncheck the opt-out-election.

[MichelleH]

I have done this step. Unfortunately, in the prior year program, the 2021 partnership program, I had made a blanket election to not claim bonus depreciation on all classes of property.  While Lacerte tech support understands that this is an annual election, it is being carried forward to the new year.  Because I had done the blanket election for 2021, there is no specific asset which contains the election code (yes, they have viewed me checking for the second time every single asset in the list of over 700 assets).

The only way to resolve it per Lacerte tech support is to copy the prior year return (client) and then remove the election (and of course override the current bonus depreciation to not calculate by entering "2" in the yes or no to bonus depreciation override).  Then, proforma the copy and reenter the return.  That's not a viable option for me as the return is complete and extensive.  I am asking Lacerte to simply create an override for the one page election statement which will incorrectly be included in the return.

[pamdory]

I'm sure you've probably already tried this, but just in case.

In screen 14 if you click on the "Elect Out of All SDA (Bonus)" button (just above the "Description of property" field).  This toggles you to the Miscellaneous Overide box and you can un-check the box "Elect out of SDA(bonus) for all eligle asset classes and automatically generate the election statement"

At least this has worked for me on clients who proforma'd the election.

[MichelleH]

Thank you! Unfortunately, there are no fixed assets on that screen with the box checked.

[George4Tacks]

Check Screen 33 > You may an election there for Election 1 

If so, click DELETE

[sjrcpa]

In last year's return if hit Ctrl W and go to batch input where you made the election, see what number field that is. (Ctrl I to go back to regular input.)

Do that in the 2022 return and see if you can find that field and remove the entry that way,

[MichelleH]

Yes, if only it were that easy.  I have tried that as well. It still generates the election statement. Thank you though!