State of NJ Depreciatiom

[Phil A]

Hello,

Has anyone looked at the NJ state deprecation calculation? NJ added a new page and it appears that the current state depreciation isn't pulling from the Federal return correctly this overstating the income on the NJ K-1.  

[Skylane]

what type of return are you preparing?

[Phil A]

I am working on the NJ CBT for S-Corporations. 

[Phil A]

Let me know if you have any issues

thanks

[Phil A]

Thats not practical

[LWGCPA]

Pulling my hair out trying to correct this.  Will try overides and hope there are no rejections

[sonnypsu]

I'm having the same issue and I prepare over 100 NJ S-Corp returns with lots of fixed assets.  It would be extremely difficult to go though to figure out the total basis and bonus depreciation amounts that need to be entered on this new worksheet for year 5, 7 or 10-year property.  Hoping ProSeries knows about this and is working on a fix.  I have a call into them on this issue.

[Beth Pickett]

I am having same issue.  I saw on the NJSCPA forum another practicioner had been on the phone with proseries for 2 hours trying to resolve.  Has anyone resolved this issue?

[sonnypsu]

So I same thing for me.  I spent 2 hours on the phone with ProSeries on Saturday for them to finally conclude that the issue need to be elevated to the next level.  I have a investigation number and they are supposed to contact me when the error is fixed.  Haven't heard anything back as of today 3/1/23

Investigation # INV-84144

[sonnypsu]

Looks like it's fixed with the updates that got installed today!!!!

[LBen]

I don't see that this has been corrected.  I also cannot even bring up the statement so I can input via  override.  I cannot believe how many issues I have had with depreciation with TurboTax this year.  And the NOL.  What a totally frustrating company to deal with.