I have a leased car starting 2024, the FMV was $57690, the lease cost for 2024 was $17852 and insurance for $1000. I used the car 66.7% for business. Based on IRS publication 463, my inclusion amount should be 0 as the MKV was below $60000.
When I looked at the worksheet in TurboTax, line 4 in actual expenses does say 0 for the inclusion amount.
However, in part V, line 30 had an inclusion amount of $11902.
I should be able to take deduction of $12569 but now it was reduced to $667. And I can not edit the worksheet to change the inclusion amount.
Why is TurboTax using the wrong inclusion amount?
Thanks.
