Will an override on the Depreciation Method from calculated 200DB to SL be an issue when e-filing? New client has assets that past preparer listed using SL MQ.

[karenh]

I'm preparing this return in ProSeries Basic Edition - 2019.

[Terry53029]

You are required to do depreciation according to IRS rules. not what was done incorrectly in past years.

You need to advise client if it was incorrect in past.

[sjrcpa]

It is permissible to elect SL when assets are placed in service.

[karenh]

Thank you.  My question is how do I mark that without creating an override?

[TaxGuyBill]

The program still marks it as an override (I'm not sure why).  But I don't think that one causes an e-file problem.

In the event it does have a program due to that 'override', you can e-file through the Homebase, then check the box to disable error-checking.

[rbynaker]

Just thinking out loud.  Would you use the "other" method and then manually put the method/life/etc. down at the bottom of the Asset Entry Wks?

[TaxGuyBill]

That would probably work, and wouldn't need to 'override'.  But it seems like more work.   🙂

[karenh]

I don't see where to select "other".  I'm working in ProSeries Basic.  I don't want to have to reenter all of the data in ProSeries Professional.

[karenh]

Do you know if this is a method available in Basic?  I've never tried that before.  Honestly, in the years I've been e-filing (and always with ProSeries) I don't ever remember having an override.  

[motax · Accepted solution]

On the asset entry worksheet, go to "type of asset" and select "other" which is the next to last item in the drop-down.  Then go to the bottom of the worksheet and fill in the appropriate boxes.

[karenh]

Thank you so much.