Generating Kentucky Form 62A500 Tangible Personal Property Tax Return in ProConnect Tax
Table of contents:
Individual Return (1040)
How to enter the Property Information
- From the Input Return tab, go to State & Local ⮕ Taxes ⮕ KY Tangibles Personal Property.
- Make an entry in Property location and any other applicable inputs on this screen.
How to create a Depreciation asset for the tangible personal property, if not already present, in the Depreciation screen
- From the Input Return tab, go to Deductions ⮕ Depreciation.
- In the Quick Entry grid make these required inputs:
- Description of Property
- Form
- Activity name/number
- Date placed in service
- Cost or basis
- Method
How to link a Depreciation asset to the KY Tangible Personal Property Return
- In the Depreciation quick entry screen, click on the blue Details button for the asset or assets that need to be linked to the KY Tangible Personal Property Return.
- Click to the State & Local Asset Info tab and scroll down to the Kentucky Tangible Personal Property Tax (62A500) section.
- Choose the property name entered on the KY Tangibles Personal Property screen in the Property location name or number drop down input.
- Choose the type of property in the Type of property (Click on arrow to select from list) drop down input
- Choose the class of property in the Class of property (Click on arrow to select from list) drop down input
- Make any other applicable inputs here.
- Inputs for Schedules A, B and C are available in the KY Tangibles Personal Property screen
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Partnership Return (1065)
How to enter the Property Information
- From the Input Return tab, go to State & Local ⮕ Other Forms ⮕ KY Form 62A500.
- Make an entry in Property location and any other applicable inputs on this screen.
How to create a Depreciation asset for the tangible personal property, if not already present, in the Depreciation screen
- From the Input Return tab, go to Ordinary Income ⮕ Depreciation.
- In the Quick Entry grid make these required inputs:
- Description of Property
- Form
- Activity name/number if applicable
- Date placed in service
- Cost or basis
- Method
How to link a Depreciation asset to the KY Form 62A500
- In the Depreciation quick entry screen, click on the blue Details button for the asset or assets that need to be linked to that Form 62A500.
- Click to the State & Local Asset Info tab.
- Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
- Choose the property name entered on the KY Form 62A500 input screen in the Property location or number drop down input.
- Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
- Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
- Make any other applicable inputs here.
- Inputs for Schedules A, B and C are available in the KY Form 62A500 screen.
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S-Corporate Return (1120S)
How to enter the Property Information
- From the Input Return tab, go to State & Local ⮕ Taxes ⮕ KY Tangibles Personal Property.
- Make an entry in Property location and any other applicable inputs on this screen.
How to create a Depreciation asset for the tangible personal property, if not already present, in the Depreciation screen
- From the Input Return tab, go to Ordinary Income ⮕ Depreciation.
- In the Quick Entry grid make these required inputs:
- Description of Property
- Form
- Activity name/number if applicable
- Date placed in service
- Cost or basis
- Method
How to link a Depreciation asset to the KY Form 62A500
- In the Depreciation quick entry screen, click on the blue Details button for the asset or assets that need to be linked to that Form 62A500.
- Click to the State & Local Asset Info tab.
- Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
- Choose the property name entered on the KY Tangible Personal Property input screen in the Property location or number drop down input.
- Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
- Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
- Make any other applicable inputs here.
- Inputs for Schedules A, B and C are available in the KY Tangible Personal Property input screen.
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Corporate Return (1120)
How to enter the Property Information
- From the Input Return tab, go to State & Local ⮕ Taxes ⮕ KY Tangibles Personal Property.
- Make an entry in Property location and any other applicable inputs on this screen.
How to create a Depreciation asset for the tangible personal property, if not already present, in the Depreciation screen
- From the Input Return tab, go to Ordinary Income ⮕ Depreciation.
- In the Quick Entry grid make these required inputs:
- Description of Property
- Form
- Activity name/number if applicable
- Date placed in service
- Cost or basis
- Method
How to link a Depreciation asset to the KY Form 62A500
- In the Depreciation quick entry screen, click on the blue Details button for the asset or assets that need to be linked to that Form 62A500.
- Click to the State & Local Asset Info tab.
- Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
- Choose the property name entered on the KY Tangible Personal Property input screen in the Property location or number drop down input.
- Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
- Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
- Make any other applicable inputs here.
- Inputs for Schedules A, B and C are available in the KY Tangible Personal Property input screen.
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Fiduciary Return (1041)
How to enter the Property Information
- From the Input Return tab, go to State & Local ⮕ Taxes ⮕ KY Tangibles Personal Property.
- Make an entry in Property location and any other applicable inputs on this screen.
How to create a Depreciation asset for the tangible personal property, if not already present, in the Depreciation screen
- From the Input Return tab, go to Ordinary Income ⮕ Depreciation.
- In the Quick Entry grid make these required inputs:
- Description of Property
- Form
- Activity name/number if applicable
- Date placed in service
- Cost or basis
- Method
How to link a Depreciation asset to the KY Form 62A500
- In the Depreciation quick entry screen, click on the blue Details button for the asset or assets that need to be linked to that Form 62A500.
- Click to the State & Local Asset Info tab.
- Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
- Choose the property name entered on the KY Tangible Personal Property input screen in the Property location or number drop down input.
- Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
- Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
- Make any other applicable inputs here.
- Inputs for Schedules A, B and C are available in the KY Tangible Personal Property input screen.
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