Did you select bonus depreciation? You may need to complete form 4562A and 4562B for the depreciation to show up. These are the Iowa depreciation adjustment schedules for Federal depreciation rules that do not couple with the Iowa deprecation rules. On your federal return, if you claimed bonus depreciation, Section 179 expense in excess of $100,000 in previous years, or possible other depreciation deductions on the the federal return that were not allowed on the Iowa return.
If you are using TurboTax Desktop
Click here for a link to the Iowa 4562A and 4562B forms and instructions.
I have both 4562 A and B the problem is that 4562A does not show any of my 2020 assets that were purchased and setup for depreciation in the federal section. If I do select one of those assets to be a special depreciation instead of the normal then it will show up in the Iowa return but not any of the other ten assets that were acquired in 2020. This is making me owe alot of money to iowa and none to federal.
Is the Federal taxable amount from your Schedule C, E, or F that has the new assets and depreciation coming across to the Iowa return? If it is, then the normal depreciation deduction has been taken for Iowa as well. The 4562A and B are for situations to reconcile depreciation that Iowa has not coupled with, like the bonus depreciation or Sec 179 greater than $100K.
If the net income amounts from the Fed forms are transferring to the Iowa return, the depreciation from the new assets on those forms is also included in the Iowa number.