I am using the TurboTax Business Desktop 2023 to submit Form 1120S and need to add a used vehicle (under 6000 lbs) which was purchased for 20K by the S-Corp.
While entering the asset under 'Depreciation of Assets (and Section 179)' I get the final result as
First-year Expense Deduction (Section 179): 0
Special Depreciation Allowance: 16K
Amount to be depreciated over 5 years: 4K
However according to the article https://turbotax.intuit.com/tax-tips/small-business-taxes/business-use-of-vehicles/L6hi0zzzh for 2023 I was expecting the final result to be
First-year Expense Deduction (Section 179): 12.2K
Special Depreciation Allowance: 7.8K
Amount to be depreciated over 5 years: 0
How do I enter the asset in the Desktop edition so that the Section 179 deduction of 12.2K gets applied correctly along with the bonus depreciation of 8K on Form 4562?
