Can I amend my return based on putting the wrong total in form 4797 Part I (2e) Depreciation allowed?

[lafoonr]

When I used my "Asset Life History, yearly allowable worksheet", I added in an extra year of depreciation.  I used the "AMT Prior Depreciation" total for 2018.  Can I do a standard amendment by correcting total in form 4797 Part I (2e) Depreciation allowed?  Correct figures, I believe, according to history:                                      2009  $1286  (in service)                                                                                              2010-2016  7x $2057 = $14399                                                                            2017 sold $1872 (figure on 4562)  Believe correct total is $17557.  Unfortunately by using 2018, I erroneously entered  $19614 in (2e).

[KatherineC · Accepted solution]

Yes, you can amend your return to correct the depreciation amount on your sale.

What you do now depends on whether or not your e-file is accepted.

If your e-file is rejected, you can simply go back in, change the depreciation amount,  fix the rejection error, then refile your return.

If your e-file is accepted, you will need to amend your return.

Please click here for instructions on how to amend your return.  You can click on the year 2017.

The tax calculator on Turbo Tax resets to zero when you start the amendment process.  So, once you start the amended return, make your changes, any amount showing in the tax calculator is the amount of additional refund or taxes due.

You should wait until you have received your original refund, if you are expecting one, before mailing your amended return!