Yes if you are amending your 2021 tax return you are taking the right steps. Simply enter the asset as though you chose Section 179 for the entire cost. Your 2021 tax return shows that you elected to expense $5,000 of your $10,550 total cost of a new asset. The remainder of $5.550 must be depreciated and I would assume was depreciated in part in 2021, because this would be the second year to depreciate the remaining balance of that portion of the cost, if you do not amend.
Option:
You can file your 2022 return as though you already used the Section 179. You can continue to complete your amended 2021 return and choose to use Section 179 for the entire cost of the asset placed in service in 2021. File your 2022 return correctly as though you already selected to use your Section 179 last year.
@oogando
[Edited: 03/21/2023 | 1:31p PST]
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