After the 2/13 update, Federal reviews clean. Minnesota return fails review due to an issue on the "Adjustments to Federal Taxable Income (FTI) Smart Worksheet."
Details:
Line 2a (Sec. 70301 bonus addback) is correct and equals exactly 60% of federal bonus depreciation (from Federal Form 4562).
Line 2b ("Amount of allowable depreciation for assets on 2a") shows 0 and triggers an error stating the amount must be less than zero.
The field cannot be edited.
On the State Depreciation Worksheet:
Asset is listed.
Placed-in-service date is correct.
Addback amount is correct.
However, State Cost/Basis = 0 and State Depreciation Amount = 0.
It appears the MN addback is calculated, but no state depreciation basis or 5-year recovery is being generated, which leaves Line 2b at zero.
Is this a known issue? Is there a way to re-trigger state asset generation without overriding worksheets?
Thanks.
