2008 GA 1040 Section 179 Expense

lbanks — Mon, 15 Mar 2010 11:03:02 GMT

The 2008 program has been modified to reflect changes to Georgia law for the tax year beginning January 1, 2008. Georgia has adopted the increased I.R.C. Section 179 deduction of $250,000 and the related phase out of $800,000. Upgrade System Operations, Federal Universal and GA to get the changes.

Georgia 1040 and Business returns with Federal Section 179 expense in excess of $128,000 may benefit from filing an amended return and claiming additional 179 expense.

Preparing Amended Returns:

Georgia 1040 amended returns prepared using the paste feature will require overrides on the input screen for Georgia Form 500X to reflect the amounts that were filed with the original return. Manual adjustments to each asset may be required to arrive at the correct maximum 179 amount.

Georgia Business returns do not have a separate amended form. Make the changes to the return and mark the Amended box on the first page of the applicable GA form to indicate that it is an amended form.

*Take note when updating 2008 clients to the 2009 program to ensure that the proper depreciable basis is carrying forward for any affected Georgia returns.

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2008 GA 1040 Section 179 Expense