3107340
Apparently I have MACRS deductions for my self-employment business but I can't figure out what they are for/where they're from. I have the TurboTax desktop app and have used TT for my taxes for the past 10 years and I can't find anything about it in the program. I see my Business Asset Summary, but that doesn't help me determine what my MACRS deductions are for.
I'm currently in need of this information asap. How can I find it in TT? And why is it so difficult to find? Shouldn't there be a schedule somewhere that shows me all of my deductions by category?
Thanks for any help anyone can provide.
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Form 4562 is just a Summary of the Depreciation for the current year and doesn't list the items.
Using the Desktop program you can get an Asset Life History worksheet but you have to do it in Forms Mode, click Forms in the upper right (upper left for Mac) You can't get detailed worksheet showing all the assets but you can get the Asset Life History on each one. It doesn't print out with your return or save in the pdf. So you have to print each Asset Life History individually.
Scroll down the list of forms in your return to a Asset Entry or Asset Worksheet and open it. Then down on line 14 is a QuickZoom button to Asset Life History, Click on that.
Form 4562 is just a Summary of the Depreciation for the current year and doesn't list the items.
Using the Desktop program you can get an Asset Life History worksheet but you have to do it in Forms Mode, click Forms in the upper right (upper left for Mac) You can't get detailed worksheet showing all the assets but you can get the Asset Life History on each one. It doesn't print out with your return or save in the pdf. So you have to print each Asset Life History individually.
Scroll down the list of forms in your return to a Asset Entry or Asset Worksheet and open it. Then down on line 14 is a QuickZoom button to Asset Life History, Click on that.
Thank you! That got me where I needed to go. 🙏
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