Form IA 4562A Fillable Iowa Depreciation Adjustment Schedule 41-105
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Claimed 5 year depreciation on certain new farming machineryand equipment purchased in 2009 Note: Farming machinery andequipment must be depreciated over a 7 year period for Iowapurposes Claimed 50% bonus depreciation for assets acquired after May5 2003 but before January 1 2005 for federal tax purposes butchose not to claim this for Iowa tax purposes Claimed 50% or 100% bonus depreciation for assets acquiredafter December 31 2007 but before January 1 2016 for federaltax purposes Claimed bonus depreciation on federal form 4562 Depreciationand Amortization; federal form 2106 Employee BusinessExpenses; Schedule C Profit or Loss from Business; ScheduleF Profit or Loss from Farming or any other federal form wheredepreciation was deducted Claimed the 30% bonus depreciation deduction for assetsacquired after September 10 2001 but before May 6 2003 Claimed the federal section 179 expense in excess of $133 000for tax years beginning on or after January 1 2009 but beforeJanuary 1 2010 Claimed the federal section 179 expense in excess of $25 000for tax years beginning on or after January 1 2003 butbeginning before January 1 2006 and the taxpayer chose toclaim no more than $25 000 for Iowa tax purposes Disposed of 30% bonus depreciation property during the taxyear and Iowa depreciation adjustments were made to theproperty in previous tax years $25 000 on section 179 property if applicable +Sec 179 expensetaken 1 Enter the sum of amounts from Part 1 columns E and F 1 1120F 1120S 179 Expense Taken 2 Enter the sum of amounts from Part 1 columns H and I 2 2015 IA 4562A Instructions 3 Adjustment to depreciation Subtract line 2 from line 1 3 4 Enter the amount from Part II column F 4 5 Add lines 3 and 4 This amount must be reported on your tax return 5 on: A Description ofProperty Sold orDisposed A Descriptionof Property A separate schedule can be attached listing all qualifying sales or A separate schedule can be included listing all qualifying property Adjustment Schedule adjustment to adjust the basis of the property for Iowa purposes Also complete form IA 4562B Iowa Depreciation Accumulated amount from line 5 on the applicable Iowa form as noted below are grouped the taxpayer is responsible to maintain all records assets or all 5 year assets etc may be grouped together If assets B Date Placed in Service B DatePlaced inService C Date Sold or Disposed C Life ofAsset computation of federal and Iowa taxable income in prior and current Compute the amount of federal depreciation using the bonus Compute the net adjustment using Part I and Part II Enter the D Cost orOtherBasis D Total Iowa Depreciation depreciation adj line 8 depreciation method and the amount of Iowa depreciation using the described in Part I Total the amount in column F and enter on Part III dispositions and grouping of assets by class is also permitted as E Federal 179 E Total FederalDepreciation + Sec Enter negative amounts Enter positive amounts from line Expense expense for the life of the asset(s) F Adjustment (subtractcolumn E from columnD) F FederalDepreciationDeduction federal depreciation and Iowa MACRS depreciation used in the For each item of property listed determine the difference between form The accumulated depreciation amount in columns G and J Form: from line 5 on: G AccumulatedFederalDepreciation Grouping of assets by class is also permitted For example all 3 year H Iowa 179Expense I MACRS IowaDepreciationDeduction If you have disposed of bonus depreciation or section 179 property and an Iowa depreciation adjustment was applied to this property in a prior year continue If you sold or disposed of bonus depreciation property this year and Include this form with your Iowa income tax return J AccumulatedIowaDepreciation line 8 List each item of property falling within the parameters listed above MACRS method without any bonus depreciation and using a limit of mo/day/yr Name(s) SSN or FEIN necessary to support how each item was grouped Note: If you have not sold or disposed of any bonus depreciation of the form Other income line 14 Other income line 8 PART I Part I Computation of Iowa depreciation adjustment PART II Part II Disposition adjustments PART III Part III line 3 Part III line 6 Part III line 7 Part III Summary of adjustments to net income Pass Through Entity (if applicable) Pass Through FEIN prior years you must make the applicable depreciation catch up property you may skip Part II of this form Schedule A Schedule A depreciation adj Schedule A line 7 Schedule D line 7 See table in Part III of the instructions for specific form and line references 5 should include the total amounts of depreciation and section 179 the Iowa depreciation adjustment was applied to the property in any the Iowa depreciation in columns H and I and enter on Part III of the This form must be completed if taxpayer: Total amounts in column F Total amounts in columns E F H and I Total the amount of the federal depreciation in columns E and F and under the Job Creation and Worker Assistance Act of 2002 with Part II; otherwise skip to Part III years