Fillable Form Ia 4562a - Iowa Depreciation Adjustment Schedule

2014 IA 4562A Instructions

This form must be completed if taxpayer:

Grouping of assets by class is also permitted. For example, all 3-

year assets, all 5-year assets, etc., may be grouped together. If

 Claimed the 30% bonus depreciation deduction for assets

assets are grouped, the taxpayer is responsible to maintain all

acquired after September 10, 2001, but before May 6,

records necessary to support how each item was grouped.

2003, under the Job Creation and Worker Assistance Act

of 2002.

Compute the amount of federal depreciation using the bonus

 Claimed Bonus depreciation on federal form 4562,

depreciation method and the amount of Iowa depreciation using

Depreciation and Amortization; federal form 2106,

the MACRS method without any bonus depreciation and using a

Employee Business Expenses; Schedule C, Profit or Loss

limit of $25,000 on section 179 property, if applicable.

from Business; Schedule F, Profit or Loss from Farming,

Total the amount of the federal depreciation in columns E and F

or any other federal form where depreciation was

and the Iowa depreciation in columns H and I and enter on Part

deducted.

III of the form. The accumulated depreciation amount in columns

 Disposed of 30% bonus depreciation property during the

G and J should include the total amounts of depreciation and

tax year, and Iowa depreciation adjustments were made to

section 179 expense for the life of the asset(s).

the property in previous tax years.

If you have not sold or disposed of any bonus depreciation

 Claimed 50% bonus depreciation for assets acquired after

property, you may skip Part II of this form.

May 5, 2003, but before January 1, 2005, for federal tax

purposes, but chose not to claim this for Iowa tax

PART II

purposes.

For each item of property listed, determine the difference

 Claimed 50% or 100% bonus depreciation for assets

between federal depreciation and Iowa MACRS depreciation

acquired after December 31, 2007, but before January 1,

used in the computation of federal and Iowa taxable income in

2014, for federal tax purposes.

prior and current years.

 Claimed the federal section 179 expense in excess of

If you sold or disposed of bonus depreciation property this year,

$25,000 for tax years beginning on or after January 1,

and the Iowa depreciation adjustment was applied to the property

2003, but beginning before January 1, 2006, and the

in any prior years, you must make the applicable depreciation

taxpayer chose to claim no more than $25,000 for Iowa

catch-up adjustment to adjust the basis of the property for Iowa

tax purposes.

purposes.

 Claimed the federal section 179 expense in excess of

A separate schedule can be attached listing all qualifying sales or

$133,000 for tax years beginning on or after January 1,

dispositions, and grouping of assets by class is also permitted as

2009, but before January 1, 2010.

described in Part I. Total the amount in column F and enter on

 Claimed 5-year depreciation on certain new farming

Part III of the form.

machinery and equipment purchased in 2009. Note:

Farming machinery and equipment must be depreciated

PART III

over a 7-year period for Iowa purposes.

Compute the net adjustment from Part I and Part II. Enter the

amount from line 5 on the applicable Iowa form as noted above.

PART I

List each item of property falling within the parameters listed

Also complete form IA 4562B, Iowa Depreciation Accumulated

above. A separate schedule can be included listing all qualifying

Adjustment Schedule.

property.

41-105b (06/26/14

Form Ia 4562a - Iowa Depreciation Adjustment Schedule - 2014 Page 2

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