Oh sorry, I should have given context. The form is a 1120s Income Tax Return for a small business.
OK, but which form exactly? The balance sheet, for example, on Form 1120-S has columns and there are other worksheets and forms (e.g., Depreciation Options).
I'm not entirely sure; the only identifying thing I can tell on the sheet is the title "Depreciation Listing Table". It mentions that it isn't filed with the return but is only for internal records.
The columns go: No., Description, Cost, Basis Adjustment, Business Percentage, Section 17B, Bonus depreciation, Life, Method, Rate, Prior Depreciation, Current Depreciation, Accumulated Depreciation, and AMT Current.
My main confusion was where the current year's depreciation expense could be tallied up, I'm guessing that would be Current Depreciation? I'm not to sure what AMT Current means either.
Did you receive this sheet from a tax preparer (i.e., someone or firm that prepared the 1120-S)?
Yes, but I'm just an external intern trying to understand the business situation so I sadly can't ask the original person who prepared it.
It might help if you could post a redacted screenshot or even where you were confused.
Regardless, current depreciation would obviously be the figure for the current year (or period) while accumulated depreciation would be the total depreciation to date since the asset was placed into service.
What are you having trouble understanding?
AMT stands for "alternative minimum tax" which could calculated differently for depreciation purposes.
I see, thank you. Is there anywhere else the current year's depreciation accumulates? If I add up all the numbers on the Current Depreciation column, I get a figure much less than the total Depreciation expense listed.
Current year is typically added to Prior years to arrive at Accumulated.
It really depends on the preparer. I understand that you may be unable to do that but it's the only way to know for sure how the assets are being treated and reported.