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Generating Kentucky Form 62A500 Tangible Personal Property Tax Return in ProConnect Tax

SOLVEDby Intuit2Updated June 02, 2023

Table of contents:

Individual Return (1040)
Partnership Return (1065)
S-Corporate Return (1120S)
Corporate Return (1120)
Fiduciary Return (1041)

Individual Return (1040)

How to enter the Property Information

  1. From the Input Return tab, go to State & Local Taxes  KY Tangibles Personal Property.
  2. 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

  1. From the Input Return tab, go to Deductions  Depreciation.
  2. 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

  1. 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.
  2. Click to the State & Local Asset Info tab and scroll down to the Kentucky Tangible Personal Property Tax (62A500) section.
  3. Choose the property name entered on the KY Tangibles Personal Property screen in the Property location name or number drop down input.
  4. Choose the type of property in the Type of property (Click on arrow to select from list) drop down input
  5. Choose the class of property in the Class of property (Click on arrow to select from list) drop down input
  6. Make any other applicable inputs here. 
  7. Inputs for Schedules A, B and C are available in the KY Tangibles Personal Property screen 

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Partnership Return (1065)

How to enter the Property Information

  1. From the Input Return tab, go to State & Local Other Forms  KY Form 62A500.
  2. 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

  1. From the Input Return tab, go to Ordinary Income  Depreciation.
  2. 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

  1. 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.
  2. Click to the State & Local Asset Info tab.
  3. Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
  4. Choose the property name entered on the KY Form 62A500 input screen in the Property location or number drop down input.
  5. Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
  6. Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
  7. Make any other applicable inputs here.
  8. Inputs for Schedules A, B and C are available in the KY Form 62A500 screen.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

S-Corporate Return (1120S)

How to enter the Property Information

  1. From the Input Return tab, go to State & Local Taxes  KY Tangibles Personal Property.
  2. 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

  1. From the Input Return tab, go to Ordinary Income  Depreciation.
  2. 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

  1. 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.
  2. Click to the State & Local Asset Info tab.
  3. Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
  4. Choose the property name entered on the KY Tangible Personal Property input screen in the Property location or number drop down input.
  5. Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
  6. Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
  7. Make any other applicable inputs here.
  8. Inputs for Schedules A, B and C are available in the KY Tangible Personal Property input screen.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Corporate Return (1120)

How to enter the Property Information

  1. From the Input Return tab, go to State & Local Taxes  KY Tangibles Personal Property.
  2. 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

  1. From the Input Return tab, go to Ordinary Income  Depreciation.
  2. 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

  1. 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.
  2. Click to the State & Local Asset Info tab.
  3. Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
  4. Choose the property name entered on the KY Tangible Personal Property input screen in the Property location or number drop down input.
  5. Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
  6. Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
  7. Make any other applicable inputs here.
  8. Inputs for Schedules A, B and C are available in the KY Tangible Personal Property input screen.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

Fiduciary Return (1041)

How to enter the Property Information

  1. From the Input Return tab, go to State & Local Taxes  KY Tangibles Personal Property.
  2. 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

  1. From the Input Return tab, go to Ordinary Income  Depreciation.
  2. 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

  1. 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.
  2. Click to the State & Local Asset Info tab.
  3. Scroll down to the Kentucky Tangible Personal Property Tax (62A500) input section.
  4. Choose the property name entered on the KY Tangible Personal Property input screen in the Property location or number drop down input.
  5. Choose the type of property in the Type of property (Click on arrow to select from list) drop down input.
  6. Choose the class of property in the Class of property (Click on arrow to select from list) drop down input.
  7. Make any other applicable inputs here.
  8. Inputs for Schedules A, B and C are available in the KY Tangible Personal Property input screen.

Back to Table of ContentsPCG_ASSET_spacer_11px.pngA black and white photo of a street light.

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