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Print Form 4562
Form 4562 will print automatically when you have current year depreciation or amortization.
Current year Depreciation
populates on Line 22
of Page 1
of the form. To generate it, follow these steps:- To add depreciation information, go to.OrganizerIncome and DeductionsDeductions
- Then go to.Depreciation and AmortizationGeneral Depreciation and AmortizationAsset Detail
- Either open an existing asset’s folder, or selectAdd New Assetand enter a name to create a new asset.
- Inside the created asset, enter itsDepreciation Detail, includingDate Placed in Service,Cost,Method, and any other necessary details for the asset.
- Do a full recompute and refresh print.
If you want to use the Organizer override values instead of full asset details to populate depreciation, follow these steps instead:
- Go toOrganizer,Ordinary Income and Deductions, for theDepreciation and Amortizationfolder.
- Select the folder with the[Entity Name], then4562 Information, and4562 Overrides.
- Go to the section forCurrent-Year Depreciation MACRS Property.
- Enter theBasis for Depreciation,Convention, andMethod.
- Do a full recompute and refresh the Federal Print.
Amortization
populates on the Page 2
, Part VI
, Line 44
of the form instead, and will also trigger the Form 4562 to print.- Add amortization information on the same screen as the depreciation steps. Go to.OrganizerIncome and DeductionsDeductions
- Go to.Depreciation and AmortizationGeneral Depreciation and AmortizationAsset Detail
- Either open an existing asset’s folder, or selectAdd new Assetand enter a name to create a new asset.
- Inside the created asset, enter itsDepreciation Detail, including itsDate Placed in Service,Cost, andMethod, as well as any other details necessary for the asset.
- Go to the section forAmortization (always use a pre-1981 depreciation and amortization Straight Line method and enter applicable Life values).
- Enter a code forAmortization code section (number is required, do not enter only "A". Selecting the dropdown for the field provides a list of acceptableAmortization Codes.
- Do a full recompute and refresh the Federal Print.
If you want to use the Organizer override values instead of full asset details to populate amortization, follow these steps instead:
- Go toOrganizer, thenOrdinary Income and Deductions, for theDepreciation and Amortizationfolder.
- Select the folder with the[Entity Name], then select4562 Information, and4562 Overrides.
- Go to the section forAmortization of costs that began during prior tax years (Nonconforming state input MANDATORY for listed states if federal override used).
- On the lineAmortization of costs that began before the current tax year, enterNONEor a value greater than 0.
- Do a full recompute and refresh the Federal Print.
For Consolidations
The Summary Form 4562 is not designed to be a consolidated Form 4562. The IRS doesn’t expect or want a consolidated Form 4562 to be filed, and mandates prints for Forms from each member entity instead.
If you want to print the consolidated Form 4562, follow these steps:
- Go to.OrganizerConsolidated ReturnsStep 3Form Print Options
- Go to theConsolidation Optionsfolder, then the section forPrint Options.
- SelectPrint Options for Consolidated Return Member Forms 4562 and Related Detail.
- MarkPreparer elects to violate Form 4562 instructions regarding required print of consolidated group member Forms 4562 and related detail.
- On the same screen, selectPrint Options for Consolidated Return Member Forms 4562 and Related Detail.
- Remove the default selections forPrint Form 4562 for each activity in the consolidated groupandPrint asset detail from each activity in the consolidated group.
- Do a full recompute and refresh the federal print.
note
There are several notes that you should take into account for consolidated 4562 pages:
- ASummary Form 4562may still print. Forms 4562 will print in the top consolidation for sub consolidation and divisional consolidation entities even if the default print options are overridden.
- The Topcon doesn’t print details and descriptions for Line 42 if these were entered in the lower members. You can attach the subsidiary 4562 if you want the descriptions to be included.
- The former 4562 consolidated summary schedule that printed with the title ofWhitepaper, which was different from the Summary Form 4562, has been discontinued for 2023 and onward.
This article applies to:
- Product: ONESOURCE Income Tax
- Return type: 1120 Corporation
- Subject: Depreciation