Generally, if you just enter the asset data, the program will "assume" an amount of prior depreciation based on the in-service date and business use percentage of the asset. It will present you that assumed amount and you'll have the opportunity to change it, if you know it's not right. Once that part is complete, the current year's depreciation will then be figured. When all done, the two 4562's (Depreciation & Amortization Report and the Alternative Minimum Tax Depreciation Report) can be reviewed for accuracy.
