Asset Entry Form

[taxdan]

I'm entering assets on the asset entry form for a partnership return, and the computer keeps putting the beginning asset life at one year prior. For example, if I enter a 2003 beginning year, it puts it at 2002. And it doesn't matter what type of asset I enter. I tried completely deleting the 4562 and starting over, but it doesn't help. My forms are all up to date. This is the only return it's happening on. I've done the return since 2004 and...ooops....I noticed that my program started doing this last year with this return. All assets have been rolled over. Again, I tried deleting the assets, then the entire 4562.

Any help appreciated. Very frustrating.

Dan

[taxdan]

For the heck of it, I just tried opening a new 1065 and entered info on the asset entry screen. Everything worked fine.

It looks as though there is just a glitch with this particular return. Which...I guess means....I will have to redo the whole return from beginning.

yippeee

[rfassett]

Could it have something to do with the tax year you have set up on the 1065? Just a thought.

[michaelmars]

did u set it up as a short or as a fiscal year 1065?

[Lion EA]

Did it just begin in the prior year for this client? Can you go back to that year and try to solve the problems there. When that year works, then roll forward the return again....

[Catherine]

I'm entering assets on the asset entry form for a partnership return, and the computer keeps putting the beginning asset life at one year prior. For example, if I enter a 2003 beginning year, it puts it at 2002. And it doesn't matter what type of asset I enter. I tried completely deleting the 4562 and starting over, but it doesn't help. My forms are all up to date. This is the only return it's happening on. I've done the return since 2004 and...ooops....I noticed that my program started doing this last year with this return. All assets have been rolled over. Again, I tried deleting the assets, then the entire 4562.

Any help appreciated. Very frustrating.

Dan

I haven't noticed this one, but there have been a number of return-specific oddball glitches this year. I've had flow-through items _not_ flow through on one return only. There seems to be a recurring problem when I do multi-state returns that the _Massachusetts_ return cover page and client letter drop all state-specific references (the cover just says "tax return", the letter says "your 2007 (missing state & form) will be e-filed", and it drops the refund/balance due lines completely) - then I have to go fix them manually.

But thanks for the warning -- now I have another item to keep my eye on.

Catherine

[taxdan]

Well....I figured out what it was soon after I made the original post. I'm sooooo slow. Yes, it had to do with the date on the return.

I took over the return from a previous preparer in 2004. I entered the partnership info and depreciation info that I took off the old return.

The partnership had a "date business started" of 6/1/02. Many of the assets had beginning dates of 5/14/02. I just didn't catch that back in 2004 and I guess the program had no problem with it either. The 2006 program actually bumped all the assets back to 2001 and I didn't notice until this year.

I simply changed the dates of the assets to 6/1/02 and it worked fine.

Sometimes I just really frustrate myself.

Thanks all for your help.

Dan

[SunTaxMan]

You said, "Sometimes I just really frustrate myself."

Welcome to the club!