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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
The IRS requires that you enter the following information in the following sections of Screen 4562.
Note: If you enter detailed asset information in the Asset module, UltraTax CS automatically uses these electronic filing guidelines. If you enter summary asset information in Screen 4562, you must use the following data entry guidelines.
Part III - MACRS Depreciation
The Convention fields in this section for Part III, lines 19 and 20, column (e), Convention require the following entries. Any other entry in these fields will not transfer to the electronic file and may cause the IRS to reject the return.
Entry | Description |
---|---|
"200DB" | 200% declining balance method |
"150DB" | 150% declining balance method |
"DB" | Declining balance method |
"S/L" | Straight line method |
Part V - Listed Property
The Method column in the statement dialog for Part V, line 26, column (g), Method/Convention requires any combination of prefix and suffix of the following entries. Any other entry for the prefix or suffix in this column will not transfer to the electronic file and may cause the IRS to reject the return.
Method prefix | Convention suffix | Example of entry | Description of entry |
---|---|---|---|
"200DB" | "HY" | 200DBHY | 200% double-declining method and half year convention |
"150DB" | "MQ" | 200DBMQ | 200% double-declining method and mid-quarter convention |
"DB" | "MM" | 150DBHY | 150% double-declining method and half-year convention |
"S/L" | S/L-HY | Straight-line method and half-year convention |
Entry | Description |
---|---|
HY | Half year |
MQ | Mid quarter |
MM | Mid month |
Tip: For details on other input screens and their corresponding guidelines for creating IRS-acceptable electronic files, see the following topics.
- 1065 IRS filing deadlines & electronic filing information
- Electronic filing FAQs (1065)
- Electronic filing guidelines for 1065 Screens 114 and 114-2
- Electronic filing with multiple installations of UltraTax CS and/or multiple client data locations
- Configuring UltraTax CS for 1065 electronic partnership returns overview
- Entering data for 1065 electronic partnership returns overview
- Creating the 1065 partnerships return electronic file and correcting errors overview
- Transmitting electronic 1065 partnership returns via CS Connect overview
- Partnership return electronic filing overview
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