Yes, this is a known problem and TurboTax support should have an update for the software in the near future. Updates normally occur each Thursday when required.
However, you should be entering the Assets in the Step-by-Step interview and not in Forms mode. If you enter your Assets in the TurboTax interview they will be properly recorded with the correct recovery times. Also the Form 4562 Deprecation and Amortization will also be correctly completed if you use the interview mode.