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Deductions & credits
Thank you for your response but I'm still a little confused about this section, and there was a whole lot there in your response that the software did not mention nor help with calculating. I thought TurboTax is supposed to make things simple for non-tax experts, but it appears there is not enough information or support through the software to properly complete this section. I'm almost to the point of throwing in the towel with TurboTax and just go see a tax consultant this year, because I really want to make sure I get this part right. Even if I have to carry this deduction forward to future years, I want to make sure I'm entering the right information during this filing. Let me try this just once more. Here is my info:
*Line 23: SUV (7,500lb GVWR) OTD purchase price was $72,983; put into service mid-October 2024 (approximately 2.5 months of 100% business use in 2024).
*Line 24: Total actual expenses (Vehicle purchase price, fuel, insurance, maintenance) was $73,549.
*The total net income for my business in 2024 was negative ( - $4,058).
*I also have W2 income so my combined income (-$4,058 + W2 salary) exceeds Line 24.
What should I be entering under Section 179 Deduction (Line 34)? Do I also check the box for "I'll take the special depreciation allowance?"