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IowaGuy
Returning Member

Iowa Bonus Depreciatin not being reported correctly on IA Forms 4562A & 4562B

I entered depreciables on the federal forms and took the Bonus Deduction. When you go to the Iowa forms the entries that I entered as Bonus Depreciation on the federal return are entered on the IA form 4562A with my old 2011 Bonus deductions that I took, but other than the totals all other boxes for these entries are -0-. But Part III line 1 includes the new bonus entry amounts in the total on lines 3 and 5. This number is huge since no Iowa depreciation was calculated. without the new 2022 bonus depreciation the total on line 5 should be $199.00 compared to over $3932.00 that is showing.  Also, Iowa line 14 "other income form" is affected. The entry from line 5 should go to line "b"  on the "other income form" but in my case the entry on line "b" is $199.00 just as it should be but line 5 of the 4562A for shows it should be 3932.00.

 

I did find a fix that, if I click the box to NOT include each of the 2022 entries in the calculation for the form 4562A the entire report is correct and none of the new 2022 Bonus depreciation total is included on line 5 show 199.00 just as it does on line 14 of other income. However, all the entries for 2022 "bonus Depreciation" still print on the form with lots of zeros.

 

And, when you check for errors turbotax tells you you can not have the entries checked to be excluded.

 

Should I just manually delete all the 2022 Bonus depreciation entries from IA4562A so all will calculate correctly.

 

Iowa code says Iowa is now coupled with the Federal regarding Bonus Depreciation and you no longer need to make adjustments for new Bonus Depreciation Items.  It appears that Turbotax should not be transferring 2022 Bonus Depreciation into form 4562A for adjustment since it no longer needs to be adjusted.

 

Please advise & fix

 
 
 
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