Can I e-file the FL 405? How do I get assets from the 4562 to flow to the FL 405 Florida Tangible Personal Property Tax?
The FL 405 is paper-file only in all packages.
To allow assets to carry from the federal 4562 screen to the FL 405, follow these steps.
Note: Entries must also be made on the FL 405A screen to allow the FL Tangible Personal Property Tax Return to be generated.
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.
Drake17 and forward:
Drake16 and prior:
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.
Drake17 and forward:
Drake16 and prior:
- 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. Press F1 or Ctrl+Shift+? to view the FL405 options.
- 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. Press F1 or Ctrl+Shift+? to view the Removal Method codes.
If FL is the resident state on Federal screen 1 and entries have been made on these new 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.
Example: Below is an office chair that was purchased in 2018. FL is the resident state and this asset should flow to the first 405 return, line number 10 (Itemized Listings)
When you calculate the return, the information above flows to the Florida screen 405D Line Itemized Listing (see screen shot below).
You will still have to enter some required information on this screen:
- Estimated Fair Market Value amount
- Estimated condition of the asset
For the properties to flow from the federal 4562 screen to the FL 405 form, appropriate data may also need to be entered 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)