CCH Axcess Tax

Federal Form 4562 Totals (Page 1)

To attach an accountant computed depreciation or amortization report(s) for a depreciation entity, do not use the Depreciation and Amortization worksheet. Instead, use the Depreciation and Amortization Totals worksheet to prepare a federal Form 4562 that prints the total depreciation amounts that are entered . If Section 179 is entered and no entries are made in the following fields: Total Listed Property Expensed, Total Cost of Section 179 Property Placed in Service During the Tax Year, Reduction in Limitation, Dollar Limitation for Tax Year, Total Elected Cost of Section 179 Property, Tentative Deduction, Business Income Limitation, Section 179 Expense Deduction, Carryover of Disallowed Deduction to Next Year, and in the Summary section, the Listed Property Total, and Total - Override, the business income limitation will be calculated. The only other computation performed is the "addition" computations to ensure the entries on these forms foot correctly.

Note: Depreciation detail reports are not prepared from entries on the Depreciation and Amortization Totals worksheet.

The total regular depreciation and amortization amounts carry to the respective "Attachment Entity" statements (Other, COGS, Rental, etc.).

Note: Overflow statements will be prepared from entries on the Depreciation and Amortization Totals worksheet as needed.

Do NOT enter information on BOTH the Depreciation and Amortization worksheet and the Depreciation and Amortization Totals worksheet for the same entity. Both worksheets can be used in a return as long as they do not relate to the same entity.

Caution: Do not use the Depreciation and Amortization Totals worksheet for the same entity in which the Depreciation and Amortization worksheet is used.

Use the Election to Expense Certain Tangible Property, MACRS Depreciation, Other Depreciation, Summary, and Tax Adjustment and Preference Items/Section 754 Depreciation sections to prepare Form 4562, Page 1, enter depreciation tax preference items, and Section 754 depreciation.

Consolidated Corporation Returns Only

Entries on the Depreciation and Amortization Totals worksheet will be accumulated automatically from the separate company returns or you may elect to enter them at the consolidated level. To enter them with the consolidated return you must make an entry on the Consolidated Options worksheet > Suppress Depreciation Calculation field. Please refer to the Consolidated instruction guide for additional information.