How to change the Form 1120S Sch K Line 17d Section 199A Unadjusted Basis total to reflect current year as well as prior years without affecting the total on form 4562?

Forum|Forum|6 years ago
December 7, 2019
2 replies
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How can I change the Form 1120S, Schedule K, Line 17d, Section 199A Unadjusted Basis total to reflect current year Basis for Depreciation as well as prior years without affecting the total on form 4562? Form 4562 is only for current depreciation but the number on Form 1120S, Schedule K, Line 17d, Section 199A Unadjusted Basis should reflect Life to Date.

Lacerte Tax

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George4Tacks

Level 15

Use Ctrl + F to Find (or search) for 199a = The 4th entry under Schedule K-1 Overrides is what I think you are looking for.

That leads to an entry for Partner 1. You can then use Ctrl + down arrow to get to each of the additional partners.

Consider what Itonewbie said and possibly reconsider why you might want to (or even need to) use this override. If you have entered all of the depreciable items in Screen 16, with the correct accumulated depreciation and asset acquisition date, Lacerte should do the job for you.

Answers are easy. Questions are hard!

itonewbie

Level 15

Could you explain what "Life to Date" means? UBIA under §199A is not meant to be the same as basis for F.4562.

---------------------------------------------------------------------------------Still an AllStar

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