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JTarheel
Returning Member

How to enter bonus depreciation in NC return?

In NC tax return, need help with Business / Adjustment for Bonus Depreciation.  What info from the federal return feeds this item?  Turbotax says that the answer is zero.  However, I need to enter a value, and Turbotax won't let me.
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4 Replies
KarenM90
Intuit Alumni

How to enter bonus depreciation in NC return?

North Carolina has actually not conformed to the federal law on Bonus Depreciation, and they have, in fact, required an "add-back" amount to income, for bonus depreciation taken.

 

Here are links to articles that summarizes the differences (the 2nd article is a link to the North Carolina Department of Revenue page that addresses this issue:  Summary of North Carolina View on Bonus Depreciation   North Carolina Dept of Revenue-Bonus Depreciation

 

 

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Arcadia
Returning Member

How to enter bonus depreciation in NC return?

I have the same problem with Turbo Tax.  The software, using Step by Step, asks if I have a Bonus Depreciation adjustment entry, then when I click on the yes button, the software tells me my entry is zero and moves on without allowing the actual entry.  This seems to be a software problem, not a tax code issue

How to enter bonus depreciation in NC return?

I have used turbotax for many years now When entering bonus depreciation for an item in your federal return. Doesn't the NC return automatically do the add-back that is necessary (85%) for each item?

JTarheel
Returning Member

How to enter bonus depreciation in NC return?

Turbotax has still not resolved this issue.  Last year, I had to convert my online version to a desktop version in order to manually adjust the bonus depreciation on form D-403.  Looks like I'll have to do this again.  

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