Can I amend a prior year return due to TT not using Section 179?

[ewindexer]

Thank you for the quick response. I should have qualified that I'd like to know if this can be accomplished with TurboTax. I tried using the Amended Return but couldn't figure how to amend For 4562.

[MichaelL1]

Yes, you can do it in TurboTax and try the Asset Entry worksheet in the interview mode as it will ask there about Section 179.

[MichaelL1 · Accepted solution]

Yes, you can make the election as long as Amended return is filed within the prescribed time limits (3 years from due date of the return).

For property placed in service in 2018, file Form 4562 with either of the following.

• Your original 2018 tax return, whether or not you file it timely.
• An amended return for 2018 filed within the time prescribed by law. An election made on an amended return must specify the item of section 179 property to which the election applies and the part of the cost of each such item to be taken into account. The amended return also must include any resulting adjustments to taxable income.

Narrative says 2018, however it also applies to prior year returns. This is just from the 2018 IRS Tax Publication 946.

https://taxmap.irs.gov/taxmap/pubs/p946-012.htm#en_us_publink100016159