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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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KS53
Level 1
04-08-2021
10:34 AM
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When I enter the state depreciation into FAM since Indiana does not match federal 179 limits, the state amount does not import into Proseries. After I import into Proseries I then have to go to each asset and adjust the state 179 amount. There is really no point in using the state depreciation in FAM. Any suggestions. It is really a pain to have to correct each asset in Proseries if there are many items.
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dascpa
Level 11
04-08-2021
11:17 AM
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FAM is not great for state depreciation. Been that way forever. I have had some success with not using state Sec 179 and bonus depreciation in FAM and import into ProSeries and in other cases, nope.
Three choices - (1) use the state depreciation in FAM to generate a state depreciation report and then override the total decoupling modification in your state tax return, ignoring what ProSeries calculates. (2) Enter each fixed asset adjustment as you listed below. (3) Create an Excel worksheet to track difference between Fed and State depreciation.
The important reason to track state accumulated depreciation is when you dispose of the asset. You'll have a different Federal and state gain/loss.
