State of NJ Depreciatiom

Forum|Forum|3 years ago
February 3, 2023
3 replies
25 views

Hello,

Has anyone looked at the NJ state deprecation calculation? NJ added a new page and it appears that the current state depreciation isn't pulling from the Federal return correctly this overstating the income on the NJ K-1.

ProSeries Professional

This topic has been closed for replies.

Skylane

Intuit Community Champion

what type of return are you preparing?

If at first you don’t succeed…..find a workaround

P

Phil AAuthor

Level 2

I am working on the NJ CBT for S-Corporations.

P

Phil AAuthor

Level 2

Let me know if you have any issues

thanks

L

LWGCPA

Level 2

Pulling my hair out trying to correct this. Will try overides and hope there are no rejections

S

sonnypsu

Level 3

I'm having the same issue and I prepare over 100 NJ S-Corp returns with lots of fixed assets. It would be extremely difficult to go though to figure out the total basis and bonus depreciation amounts that need to be entered on this new worksheet for year 5, 7 or 10-year property. Hoping ProSeries knows about this and is working on a fix. I have a call into them on this issue.

B

Beth Pickett

Level 2

I am having same issue. I saw on the NJSCPA forum another practicioner had been on the phone with proseries for 2 hours trying to resolve. Has anyone resolved this issue?

S

sonnypsu

Level 3

So I same thing for me. I spent 2 hours on the phone with ProSeries on Saturday for them to finally conclude that the issue need to be elevated to the next level. I have a investigation number and they are supposed to contact me when the error is fixed. Haven't heard anything back as of today 3/1/23

Investigation # INV-84144

Sign up

Login with SSO

Let's get you signed in

Login with SSO