I have this exact same problem. Is there a resolution? I see the reason why it's happening -- the Asset Life History form shows 12 years for depreciating the vehicle, even though the Asset Entry Worksheet shows 5 year depreciation classification.
Here is my scenario:
Vehicle Purchase price (6/1/2023): $68,188
Special depreciation allowance in 2023: $20,200
Deprecation basis: $47,988
Life: 5yrs
Method/Convention: 200DD/HY
TurboTax Calculation for 2024 Depreciation: $4,364 (incorrect)
TurboTax Asset Life History form: Showing depreciation values for 2023 - 2034 (12 years instead of 5)
Here's the background:
-S-Corp filing 1120S
-I used TurboTax in 2023
-I imported the 2023 TurboTax file as the starting point for my 2024 tax return on TurboTax
-I did not edit anything. Before I even enter any data at all, TurboTax calculates the depreciation amount based on 12 years for depreciation (even though it lists correct classification for 5 year depreciation).
