My son bought a new vehicle last year that he uses for business, and at the same time he traded in his old business vehicle. Form 4562 shows both these vehicles but it just says to keep for my records. The disposition of the old vehicle doesn't show up and there are are no depreciation numbers filled in (probably because I always take the standard mileage deduction), but the percent business use is visible. I rechecked all the info I entered in TT H&B for these vehicles and it all looks accurate. This form wasn't included in last year's return, which is technically correct since there were no new assets added. However, form 4562 was included in his 2017 return, even though he didn't add any new assets that year either.
Did tax reform change what circumstances form 4562 is required? Is there a way to override the software and include it when I e-file?
I didn't suspect there could be a software issue until I got past the error checking portion and it threw me into a loop. It kept repeating the same three screens no matter what I did. The error check, audit meter, and accuracy guaranteed screens just cycle over and over. Just concerns me that there could be other issues too.
Which leads me to my next question...
Does it make sense that my tax liability would have gone up significantly after tax reform changes went into effect for 2018, even though my income and deductions changed very little? I'm on disability and my deductions are always very high due to medical expenses, to the point that I can't remember the last time I owed anything. After completing my 2018 taxes last year after the new tax code changes went into effect, my tax liability was over $4,000, even though my circumstances were nearly identical to prior years. Did tax reform negatively impact those who have a large amount of deductions? Have there been others reporting they were negatively impacted by the 2018 tax reform? I'm still working on 2019 taxes so I don't have another year post tax reform to compare it to yet.
