e-File

The FL 405 is paper-file only in all return types.

Data Entry

To allow assets to carry from the federal 4562 screen to the FL 405, follow these steps.

First, enter the asset on the federal 4562 screen and assign it a unique asset number. The asset number must be different from any other asset number that you are currently using. The asset number can be entered on the 4562 screen and will allow Drake Tax to update your assets from year to year without losing information when assets are removed.

Fields are available at the bottom of the federal 4562 screen for State Specific Information. These fields are only for new assets that have been purchased during the taxable year.

• Occurrence of Schedule: If there is more than one FL business, you can indicate which business the asset belongs to.

• Schedule form data flow: This is where you can indicate where the asset should flow to on the FL405.

• Removal Method: If the asset was sold in the current year and the Schedule form data flow field above is PR (for physically removed) you can enter the removal method code in this field.

If FL is the resident state on Federal screen 1 and entries have been made in these fields, the appropriate information will flow to the FL405 screens once the return has been calculated. If FL is not the resident state, and the asset should flow to the FL405, then you will have to enter FL in the State Specific information section on the 4562 screen.

You will have to enter other required information on the 405D screen:

• Estimated Fair Market Value amount

• Estimated condition of the asset

Appropriate data may be needed on these FL screens:

• 405A General Information

• 405B Physically Removed Assets

• 405C Leased, Loaned and Rented Equipment

• 405D Line Itemized Listing

• 405E Line Itemized Listing (Line 22)