Question

How to enter bonus depreciation in NC return?

Forum|Forum|6 years ago
March 1, 2020
2 replies
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In NC tax return, need help with Business / Adjustment for Bonus Depreciation. What info from the federal return feeds this item? Turbotax says that the answer is zero. However, I need to enter a value, and Turbotax won't let me.

TurboTax Premier Online

K

KarenM90

North Carolina has actually not conformed to the federal law on Bonus Depreciation, and they have, in fact, required an "add-back" amount to income, for bonus depreciation taken.

Here are links to articles that summarizes the differences (the 2nd article is a link to the North Carolina Department of Revenue page that addresses this issue: Summary of North Carolina View on Bonus Depreciation North Carolina Dept of Revenue-Bonus Depreciation

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A

Arcadia

I have the same problem with Turbo Tax. The software, using Step by Step, asks if I have a Bonus Depreciation adjustment entry, then when I click on the yes button, the software tells me my entry is zero and moves on without allowing the actual entry. This seems to be a software problem, not a tax code issue

W

wcs3465admin

I have used turbotax for many years now When entering bonus depreciation for an item in your federal return. Doesn't the NC return automatically do the add-back that is necessary (85%) for each item?

J

JTarheelAuthor

Turbotax has still not resolved this issue. Last year, I had to convert my online version to a desktop version in order to manually adjust the bonus depreciation on form D-403. Looks like I'll have to do this again.