DaveF1006
Expert Alumni

Business & farm

Try this. First delete your state return from your program. After deletion, close your program and then open it up again to clear out all the old data. Now:

 

  1. Go to Federal > Wages & Income (or Business/Rental section where the asset lives). 
  2. Find the asset in the Asset Summary list.
  3. Click Edit on the asset.
  4. Navigate through the interview until you reach the screen: "Was this asset used 100% for business?"
  5. Change the business use percentage to something else (e.g., 99%) and click Continue.
  6. Immediately go back and change it back to the correct 100% (or your original percentage).
  7. Finish the Federal section and then re-enter the Minnesota state return.

This updates the asset’s status in the Federal database, which usually prompts the State module to recognize new data and refresh its calculations for the M1MB worksheets.

 

If the update doesn't work, the State Depreciation Worksheet itself may be corrupted and refusing to accept new data.

 

  1. Switch to Forms Mode (top right).
  2. In the left-hand list of Minnesota forms, find the State Depreciation Worksheet and the M1MB (Business Income Additions/Subtractions).
  3. Select each and click Delete Form ‌.
  4. Important: Also look for a form called "Asset Entry" or "Depreciation Reports" within the Minnesota section and delete those specific to the state.
  5. Return to Step-by-Step and run through the Minnesota "Business/Asset" interview again. The software will be prompted to regenerate those forms from your Federal 4562 data.
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