I am a new user to tax online. I am trying to enter depreciation/asset info. A new client had used H&R Block last year. A truck with basis of $30619 was put into service 2/25/10.How do I enter and get AMT info correctly?
Presumably you are aware of the EDIT DETAILS drop down on the depreciation screen. It is down in that detail area where you must enter all the prior depreciation information in order to have the current year calculate correctly.
I believe that H&R Block is one of the few firms which will have provided your client with his depreciation tables. Most software generate separate forms for Federal Regular depreciation, Federal AMT depreciation, State Regular depreciation (there are often non-conformity issues and the state depreciation is different from the federal depreciation due to federal special and bonus depreciation) and State AMT depreciation.
If you do not have all the prior depreciation information, ask your client to go back to the Block office and get it. Then just work your way down the depreciation EDIT DETAILS screen and fill in the blanks with the various number.
I am not aware of the EDIT DETAILS drop down box and cannot find it. Is the deprec sch Form4562 screen or enter direct input? Need help. Thanks. Mike
Navigate to the ENTER DATA screen and on the left look for:
DEDUCTIONS>Depreciation; then click in the Date Placed In Service Box
A small blue box will appear below it EDIT DETAILS --- click on this box
It takes a few seconds, but the screen will fill with many different sections for data entry. If you were a prior Lacerte user, this box will open up a screen similar to Lacerte's depreciation screens... I think maybe identical to it.
Scroll down to the Federal section and enter prior Regular, AMT and Other (depreciation) Information from the prior years' depreciation tables. The left column is for Federal amounts, the right column for state non-conformity amounts.
Scroll down farther and you may enter the Automobile & Other Listed Property information, such as business use percentage, mileage, questions regarding personal use and usage logs, etc. This is also where you enter actual expenses for clients who are not taking the standard deduction.
Glad to have been able to help! Don't forget to click on the radial button
THIS ANSWERED MY QUESTION
When we answer questions on the community, we get brownie points that put a smil on our face :-)
What is the RADIAL button? I feel like a real dolt but want to make certain I can get this software to work correctly. I have a few clients and time is running out!
Thanks
LoL! The radial button has nothing to do with your tax return. You will see rectangular boxes on your screen here where you are reading with white lettering that says THIS ANSWERED MY QUESTION When you click on the box, your questions is marked as solved on the screens. Anyone looking at this question in the future (someone with the same problem you are having) will easily be able to locate the response which answered your question, and they will be able to follow the same steps to remedy their issue.
Happy tax season! Have a great week!
