Accumulated depreciation - reconcile between form 4562 and B/S

Hello,

For corp tax return, I’m seeing a difference between total in the accumulated depreciation total in form 4562 vs the total in the Schedule L on balance sheet - how can I figure out what the difference is for and see where the number on schedule L is coming from (hard coded in turbo tax), thx!

445

Level 15

Feb 13, 2022 9:25:37 AM

Enter Forms Mode and open your Accumulated Depreciation, Amortization and Depletion Worksheet.

Level 2

Feb 13, 2022 1:57:54 PM

Thank you for your help! Would you or anyone know why the accumulated depreciation ending balance from the schedule L Form 1120 Accumulated depreciation worksheet does not match the accumulated total from form 4562? the amount on schedule L is higher... what would cause the difference? Thanks!!!

Level 15

Feb 13, 2022 2:49:37 PM

Form 4562 (the actual form) if for assets place in service during the current tax year.

Assets placed in service prior to the current tax year are not included on that form.

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Accumulated depreciation - reconcile between form 4562 and B/S