How do i enter catch-up depreciation in ProConnect? I am filing a 3115.

Forum|Forum|6 years ago
April 4, 2020
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Best answer by itonewbie

The figure you enter for Line 26 of F.3115 is a plug-in. It doesn't flow anywhere. You will need to enter the same figure on Sch E. If it's a positive adjustment, you would enter that on the line for Rents or royalties received. If that's a negative adjustment, you may consider entering that as Other expenses (Click on button to expand).

There won't be a F.4562 but you'll adjust the method, class life, convention, and accumulated depreciation figures for each asset to which the §481(a) adjustment relates. These will then be reflected on the depreciation schedules.

itonewbie

Level 15

If you're looking for the input screens for F.3115, you just need to type in 3115 in the search box in the left panel and you'll find the links.

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

R

robinweaverAuthor

Level 4

Thank you for replying. I was able to complete the 3115 but I'm struggling to figure out how to get the catch-up amount on the Schedule E and 4562. I've corrected for current depreciation, but how do I add the catch-up?

itonewbieAnswer

Level 15

The figure you enter for Line 26 of F.3115 is a plug-in. It doesn't flow anywhere. You will need to enter the same figure on Sch E. If it's a positive adjustment, you would enter that on the line for Rents or royalties received. If that's a negative adjustment, you may consider entering that as Other expenses (Click on button to expand).

There won't be a F.4562 but you'll adjust the method, class life, convention, and accumulated depreciation figures for each asset to which the §481(a) adjustment relates. These will then be reflected on the depreciation schedules.

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

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