Screens for Depreciation Direct Input (4562) in Lacerte

For more depreciation resources, check out our Tax topics page for Schedule C where you'll find answers to the most commonly asked questions.

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.

Different depreciation types

Section 179, part of the U.S. internal revenue code, allows business owners to take an immediate expense deduction when purchasing depreciable business equipment.

Bonus depreciation allows for businesses to reduce their taxable income by writing off a significant portion of the cost of eligible assets in their first year.

Special depreciation allowance is an extra allowance that you can take the first year a property (depreciated under the MACRS method) is placed in service. This additional allowance is automatically calculated unless you manually opt out of it.

For more info on these, see IRS Pub. 946