Knowledge Base

10204: 4562 - VARIOUS as Date Acquired Means Asset is Ignored

1040 Individual Generally

I've entered assets on 4562 screens using "VARIOUS" as the acquisition date. I've also selected a form from the For box so the depreciation will flow, however, the assets don't appear on Form 4562 and nothing flows to the selected form, and I am receiving an EF Message that says I have a bad date.
You will need to enter a specific date acquired for each asset. You cannot use "VARIOUS" in the Date Acquired field on screen 4562. It produces 5443 EF Messages stating:

5443 THE FOLLOWING 4562 SCREENS HAVE A BAD DATE: [name of asset]
5443 ASSETS OMITTED FROM CALCULATION: The asset(s) with invalid dates have been ignored for the depreciation calculation. To include the assets in depreciation calculations, return to screen 4562, available from the "Income" tab of the Data Entry Menu, and enter a valid "Date acquired" using the MMDDYYYY format. Valid dates occur during the current or previous tax years. 

If you have opened a 4562 screen and begun typing information, then erased the information (rather than deleting the screen with CTRL+D) or forgotten to remove an entry, this message may also generate.  Open the empty screen and delete it.

The empty screen in the asset listing shown below is the 4th one, where only the FOR code has been completed:


Also In This Category

Article has been viewed 2.9K times.
Last Modified: Last Month