turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Virginia Form 502 (Schedule VK-1). How do I enter item 14 (Virginia Subtractions - Owner's Share; Fixed Date Conformity - depreciation) into my personal return?

My accountant who does my partnership returns and provides me with K-1's said I could deduct Fixed Date Conformity - depreciation on my Virginia return.  How do I enter this into TurboTax and on to my personal return?

Added 04/05/19

I followed the procedure outlined in the response below and the following text is at the top of the page:
"Enter any fixed date conformity subtraction adjustment for items, but NOT depreciation, such as
Applicable High Yield obligations or cancellation of debt income previously taken as an addition.

TurboTax states not to enter depreciation subtraction here.  Is Fixed Date Conformity - Depreciation not allowed as a subtraction?

If it is allowed as a subtraction, where do you enter it?  Do I enter it here even though TurboTax says not to?  

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
IreneS
Intuit Alumni

Virginia Form 502 (Schedule VK-1). How do I enter item 14 (Virginia Subtractions - Owner's Share; Fixed Date Conformity - depreciation) into my personal return?

To enter item 14 (Virginia Subtractions - Owner's Share; Fixed Date Conformity - depreciation) into your VA return, please follow these steps:
  1. If you have already completed the interview for the VA return, when you go back in, you will see the screen, Your 2018 taxes are ready for us to check.
  2. Click the Edit box next to Income.
  3. On the screen, Here's the income that Virginia handles differently, scroll down to the Misc section and click Start next to Other Fixed Date Conformity Subtractions
  4. On the next screen, Other Fixed Date Conformity Subtractions from Federal Income, enter the amount in the box for Other Fixed Date Conformity subtractions.
  5. Click Continue.


**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Virginia Form 502 (Schedule VK-1). How do I enter item 14 (Virginia Subtractions - Owner's Share; Fixed Date Conformity - depreciation) into my personal return?

I followed the procedure outlined in the note and the following text is at the top of the page:
"Enter any fixed date conformity subtraction adjustment for items, but NOT depreciation, such as
Applicable High Yield obligations or cancellation of debt income previously taken as an addition.

Is Fixed Date Conformity - Depreciation not allowed as a subtraction?
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question