The first year when you put an asset into service the information shows on the form 4562. the next year the amount of depreciation for all of your assets shows on line 17.
If you added new assets the information about depreciation for those assets will show in line 19a through 19i and 20a through 20d. The total amount of depreciation for 2019 shows on Line 22.
To check the information that shows on form 4562 you can look at your Depreciation Worksheet that is part of your tax return. The last column shows Current Depreciation. The number at the bottom of the column should agree with the number on line 22 of the form 4562.
To figure the amount of addition tax you are paying you would take the amount of depreciation you could have taken multiplied by the tax rate for the tax bracket you are in for 2019. For example if the amount of depreciation is 20% of $12,000 for a deduction of $2,400 and you are in the 22% tax bracket you overpaid your taxes by $528. As long as you do not have Qualified Business Income Deduction. This example is a simplified calculation there are other factors that may figure in.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
