How do i file a revised 4562/KY schedule M?
In the KY return there seems to be only options for additions and subtractions to income. I can't find where to enter the details from the Fed 4562 in order to get the Section 179 revisions to populate on the correct line on KY Schedule M.
Best Answer
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Hello Bunnsarelli,
Thank you for the question. How much was your Section 179 Depreciation election? Keep in mind that the KY instructions state that for property placed into service after January 1, 2020, the limit is $100,000. So our software will not trigger the Section 179 page in the KY interview, unless you have an asset with a section 179 election over $100,000. This is likely the reason you are not seeing that page in the KY state section.
You can find that in the KY Schedule M Instructions.
"For property placed into service on or after January 1, 2020:in Part I, line 1, enter the Kentucky limit of $100,000 and the phaseout threshold does not apply for purposes of determining Kentucky depreciation."
