Vehicle deduction in Turbotax

[ADP555]

I am claiming my vehicle use as a business expense.  The vehicle summary in my turbotax form says that I will get $5,619 in deduction.  However, the Schedule C line 9 says I only get $2,608.  I did go back into the form to make a correction, but that correction doesn't seem to show up on the Schedule C form.  Any advice?

[JulieS]

Line 9 of Schedule C shows the total of your vehicle expense deductions, except for depreciation. If you are claiming actual vehicle expenses, you will also see a depreciation deduction on line 13. 

As far as your correction not showing up on the form, please provide more detail so that we can understand what you are experiencing. 

[ADP555]

The car is a lease that I put into service on August 12, and used it for both personal and business for the year. 

I’m looking at the Car and Truck Worksheet that Turbo tax used for my Schedule C, and here is what it says:

Part III:

Line 20 h (Vehicle lease or rental fees:

1. 30 days or more……$3662

1. Total vehicle lease/rental fees…..$3662

Line 20 I (Leased vehicle inclusion amount)

1. Year lease began….$2021
2. FMV of leased vehicle….$39,307
3. Number of lease days in year….142
4. Inclusion amount…. 0

Line 20 j (other)…….127

Line 21 (expenses subtotal) …. $4,895

Line 22 (Expenses applicable to business)….  $4,025

Part IV:

Line 26….Actual expenses…..$4,025

Part V

Line 27…..$4,025

Line 28 d (property taxes)…..$599

Line 28 e (less personal portion)…… (106)

Line 29  Total expenses…….. $4,518

Line 30 (less business portion of lease) …..(3,011)

Line 32  Total expenses…..$1,507

What I don’t understand is line 30.  Why was this deducted and only $1,507 allowed to deduct as a business expense on turbotax?  If my total expenses were $4,518, why wasn’t that the total expenses in Line 32?

Thank you again for your help.

Dean Perry

[DaveF1006]

To clarify, what version of Turbo Tax are you using, online or software? Also, have you considered using the mileage deduction rather than actual expenses? 

@ADP555