How can I see the calculation ProSeries does for the deprecation difference between federal and state deprecation?

[LakeGirl]

ProSeries does NOT produce a state depreciation schedule or the state Form 4562. I want to see how it is calculated, I have a client that the state wants additional information and I can not match it up at all.   Help.

[Just-Lisa-Now-]

which state?    If you look near the bottom of the asset entry worksheet on the federal, some of the states have their depreciation info populate in there.

[LakeGirl]

Georgia.

[Just-Lisa-Now-]

Im not familiar with GA, but the bottom of the federal asset entry worksheet would be the place to look for state depr info.

[LakeGirl]

OK Thank You!

[Jack6]

HI Lisa,

I am working indirectly with a tax preparer who uses Proseries and need to determine what the future depreciation amount is for NJ in 2021. Is NJ a state that appears near the bottom of the asset entry worksheet? If so, is there sufficient information to isolate the subsequent year's depreciation?

Thank you

Jack

[Just-Lisa-Now-]

Im  not familiar with NJ at all, but yes NJ depreciation info shows up down at the bottom of the asset entry worksheet.  I dont have NJ installed, so I'm not sure how many details carryover to the state return, if the full depreciation detail is there or if you can access an asset life history for the state or if youve opted to see the details of Next Years Depreciation included (this is a setting in Tools > Options > Misc) that it carries over to the state return or not.

@Accountant-Man  you're an NJ guy, right?

[Accountant-Man]

I don't believe it has an annual chart of annual deductions, but it might have an accumulated box and current year box.

S corps have NJ Sch S, which adds back the special allowance or too much Sec 179, then subtracts the NJ depr amount. THE DIFFERENCE is the adjustment to the total net income. The annual allowed amount is on the federal Asset w/s in the State section.

1040s are different. NJ has a NJ GIT-DEP that shows the annual depr and accumulated, but no yearly breakdown.

[Jack6]

Hi Lisa. Yes, I am an accountant in NJ. I really appreciate your help. Let me know if I can return the favor.