Form 4562 Special Depreciation Allowance Error

[shankarr]

Getting this error on all my assets:

Form 4562 Depreciation Options - Asset Entry Worksheet (Asset Name): Qualified Prop 100% & 50% should be blank. This asset is not qualified property for the special depreciation allowance.

All these assets are carried forward from my 2024 tax return

[llamahunter]

Also seeing this error for section 179 assets fully depreciated in 2024 that are being carried forward to 2025 as they are still in service. This seems like a bug in turbotax trying to deal with changes in the OBBB?

[ccarbone]

Same here, asset has been in place since 2020 and 'Percentage for Special Depreciation Allowance' has been checked as 100 & 50% since 2020.  This year TT is giving me the same message:  "Qualified Prop 100% & 50% should be blank.  This asset is not Qualified Property for the Special Depreciation Allowance"

[scamarao]

It tell me my assets do not qualify for Special Depreciation Allowance on the Federal Asset entry Worksheet, but I am unable to unselect it in the step-by-step or on the form

[shankarr]

Ditto

[scgillen]

Ditto

[shankarr]

Hello, is anybody from Intuit/TurboTax monitoring this board? This look like a bug that needs to be fixed ASAP.

[stuartwaddy88]

Same problem here.  I can't uncheck the box its checked with a red X for 100 & 50%.  Please fix the bug!

[llamahunter]

I don’t think you want to uncheck that box. I think there is some bug in TurboTax that has decided your asset is not qualified for section 179 depreciation, even though it definitely is (and, in my case, was fully depreciated in a prior year). I believe you need to keep deprecating assets on the book until they go out of service, and if you remove it early, you may have to ‘pay back’ the 100% depreciation you took earlier. So I would not try to ‘change’ how you are filing this asset. 

TurboTax just needs to fix their software.

[user17699062394]

A bad solution perhaps but I wanted to see what would happen if I bypassed the errors and tried to file my return leaving the errors unresolved.  VOILA!  I got all the way to the "Transmit My Return Now" button but didn't click it in the hopes Intuit will address it as a bug.  While  I can't be 100% sure TurboTax would accept my "Transmit" click, it's nice to have a backup solution if needed.

And I'm TOTALLY frustrated by the inability to contact TurboTax without paying extra. I get it -- most contacts are "user errors" -- but still, there's got to be a better way.

[bill29 · Accepted solution]

Looks like it was resolved for Pro, hopefully they do the same for regular version - https://accountants.intuit.com/community/proseries-tax-discussions/discussion/re-special-depreciatio...

[user17698861307]

I also posted the same problem on the Community site today.  Seems to have started with the latest software update.

  https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-new-error-form-4562-depreciat...

[llamahunter]

Spoke with someone in customer support just now. It's a systemwide issue. They are working on a fix sometime in the next _7 days_.

[jnew2112]

I have the same issue with Turbotax Business for LLC. i have the most up-to-date software. i guess I'll wait to see if they fix this in the next few days.

[Anon182739]

Thanks a lot for posting.

I do have the same issue (TurboTax Desktop says it should be blanked, but unable to uncheck the box)

I want it to be fixed ASAP!