turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

On form 4562 I put in the maximum deduction of 510,000. We did not purchase that much stuff, Our taxes were already accepted. do I need to change this?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
DawnC0
Intuit Alumni

On form 4562 I put in the maximum deduction of 510,000. We did not purchase that much stuff, Our taxes were already accepted. do I need to change this?

Yes, you will need to file an amended return after your tax return is fully processed and you receive any refund.  You can't make the change on your 2017 tax return since it has already been accepted.  I am including the link for amending 2017 returns although the 1040X forms will not be ready until later this month.  Once the forms are updated, you can come back and click on the link below and file your amendment.  

https://ttlc.intuit.com/replies/3288565

View solution in original post

1 Reply
DawnC0
Intuit Alumni

On form 4562 I put in the maximum deduction of 510,000. We did not purchase that much stuff, Our taxes were already accepted. do I need to change this?

Yes, you will need to file an amended return after your tax return is fully processed and you receive any refund.  You can't make the change on your 2017 tax return since it has already been accepted.  I am including the link for amending 2017 returns although the 1040X forms will not be ready until later this month.  Once the forms are updated, you can come back and click on the link below and file your amendment.  

https://ttlc.intuit.com/replies/3288565

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies