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daliwang
New Member

Form 4562 line 26

I am using Turbotax 2024 Home and Business Edition. I am confused about the software's calculation of vehicle depreciation. Here are the entries on Form 4562, line 26 (all filled through Turbotax):

Col a Tesla Model 3

Col b 12/06/23

Col c 96.3%

Col d 39969

Col e 18294

Col f 5

Col g 200 DB-MQ

Col h 1390

As you see, the car was put into business use on 12/6/2023. Since I took a 179 deduction ($20200) last year, this year’s basis becomes 18294 (39969 x 96.31% - 20200 = 18294). Columns f and g seem right except for the MQ convention entered by Turbotax automatically. I am supposed to get $7318 (40% x 18294) depreciation this year; however, only 1390 (Column h) is entered in the tax form. I am not sure how it is calculated; I guess it was caused by the MQ entry in column g. The car was used for the entire year, and I did not enter the “middle of the quarter” anywhere during the process. Can anyone explain what happened?

Thank you in advance.

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1 Reply
AnnetteB6
Employee Tax Expert

Form 4562 line 26

If you were not able to figure this out on your own and still need assistance, please consider sharing a diagnostic copy of your tax data file so that we can take a closer look at the situation.  The diagnostic file will not contain personally identifiable information, only numbers related to your tax forms.  

 

If you would like to provide us with the diagnostic file, follow the instructions below and post the token number along with which version of TurboTax you are using and what states you are filing in a follow-up thread.  It would be helpful to see a screenshot of the token number so that it will not be redacted.

 

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