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.
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
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
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?