Fillable Form Ia 4562a - Iowa Depreciation Adjustment Schedule

2012 IA 4562A Instructions

This form must be completed by any taxpayer who claimed the 30% bonus

Finally, list property for tax years beginning on or after January 1, 2009, but

depreciation deduction for assets acquired after September 10, 2001, but before

before January 1, 2010, for which section 179 expense in excess of $133,000

May 6, 2003, under the Job Creation and Worker Assistance Act of 2002.

was taken for federal purposes; or new farming machinery and equipment for

which 5-year depreciation was claimed on the federal return. The farming

This form should be used if bonus depreciation was claimed on federal form

machinery and equipment must be depreciated over a 7-year period for Iowa

4562, Depreciation and Amortization; federal form 2106, Employee Business

purposes.

Expenses; Schedule C, Profit or Loss from Business; Schedule F, Profit or Loss

from Farming, or any other federal form where depreciation was deducted.

A separate schedule can be enclosed listing all qualifying property. Grouping of

assets by class is also permitted. For example, all 3-year assets, all 5-year assets,

This form must also be completed by any taxpayer who disposes of 30% bonus

etc., may be grouped together. If assets are grouped, the taxpayer is responsible to

depreciation property during the tax year, and Iowa depreciation adjustments

maintain all records necessary to support how each item was grouped.

were made to the property in previous tax years.

Compute the amount of federal depreciation using the bonus depreciation method

This form must also be completed if a taxpayer claimed 50% bonus depreciation

and the amount of Iowa depreciation using the MACRS method without any bonus

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

depreciation and using a limit of $25,000 on section 179 property, if applicable.

purposes, but chose not to claim this for Iowa tax purposes.

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

Plus, this form must be completed if a taxpayer claimed 50% or 100% bonus

depreciation in columns H and I and enter on Part III of the form. The

depreciation for assets acquired after December 31, 2007, but before January 1,

accumulated depreciation amount in columns G and J should include the total

2013, for federal tax purposes.

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

In addition, this form must be completed if a taxpayer claims the federal section

If you have not sold or disposed of any bonus depreciation property, you may

179 expense in excess of $25,000 for tax years beginning on or after January 1,

skip Part II of this form.

2003, but beginning before January 1, 2006, and the taxpayer chose to only

claim no more than $25,000 for Iowa tax purposes.

PART II

Finally, this form must be completed if a taxpayer claims the federal section 179

For each item of property listed, determine the difference between federal

expense in excess of $133,000 for tax years beginning on or after January 1,

depreciation and Iowa MACRS depreciation used in the computation of federal

2009, but before January 1, 2010; or if a taxpayer claimed 5-year depreciation

and Iowa taxable income in prior and current years.

on certain new farming machinery and equipment purchased in 2009.

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

depreciation adjustment applied to the property in any prior years, you must

PART I

make the applicable depreciation catch-up adjustment to adjust the basis of the

List each item of property acquired after September 10, 2001, but before May 5,

property for Iowa purposes. A separate schedule can be attached listing all

2003, for which 30% bonus depreciation was claimed on the federal return.

qualifying sales or dispositions, and grouping of assets by class is also permitted

Also, list property acquired after May 5, 2003, but before January 1, 2005, for

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

which the 50% bonus depreciation was claimed for federal tax purposes that you

form.

chose not to claim for Iowa tax purposes. Plus, list property acquired after

December 31, 2007, but before January 1, 2013, for which the 50% or 100%

PART III

bonus depreciation was claimed for federal tax purposes.

Compute the net adjustment from Part I and Part II. Enter the amount from line 5

In addition, list property for tax years beginning on or after January 1, 2003, but

on the applicable Iowa form as noted above.

before January 1, 2006, for which section 179 expense in excess of $25,000 was

Also complete form IA 4562B, Iowa Depreciation Accumulated Adjustment

taken for federal tax purposes, and you chose to claim no more than $25,000 for

Schedule.

Iowa tax purposes.

41-105b (08/08/12)

Form Ia 4562a - Iowa Depreciation Adjustment Schedule - 2012 Page 2

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