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Screens for Depreciation Direct Input (4562) in Lacerte

by Intuit• Updated 3 months ago

The Depreciation Direct Input (4562) screens per module are as follows:

  • Corporate Screen 22
  • Exempt Organization Screen 40
  • Fiduciary Screen 28
  • Individual Screen 23
  • Partnership Screen 15
  • S-Corporation Screen 17

Using the direct input fields allows you to generate Form 4562 by entering total amounts directly to the Form 4562.

Mandatory entries include:

  • Description
  • Form
  • Activity name or number (if applicable)
  • Date placed in service (negative date=various)

When using Direct Input, do not also use the Depreciation screen.

Use the Direct Input Continued portion of the Screen enter the Section 179 information.

A business activity has assets entered in Screen 23.2, Direct Input.  The section 179 for the current year assets has been disallowed, but the Form 4562 is not showing the disallowed 179 in Part I, Election To Expense Certain Property Under Section 179.  Instead, it is showing it under Part V, Listed Property, in the section for Property used 50% or less in a qualified business use.  Why?

Solution:

Screen 23.2, Direct Input is not exclusively for assets with section 179.  If any entry for the section Part V, Section A- Listed Property (Depreciation and Other Information) along with input in the section for Part I - Section 179 Expense are in the same asset activity, Lacerte will assume both types of information relate to the same asset.

Verify that any listed property that is less than 50% business use is entered as a separate activity from the current year section 179 property.  This will ensure that Form 4562 Part I shows the allowed and disallowed section 179 deduction.

Lacerte Tax 2018Lacerte Tax 2019Lacerte Tax 2020

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