AMT dep allowed/allowable is too large

[Bruce81]

I can’t find the forms button either! Having the same error. 

[PatriciaV]

At this time, the only way to correct this form error is by switching to TurboTax for Desktop, where you can access the related worksheet in Forms Mode. See this post for more help: How do I switch from TurboTax Online to the TurboTax software?

@lenayelis 

@Bruce81 

[lenayelis]

Thank you for getting back with response. I am using TurboTax for Desktop version . Still no Forms showing 

[DianeW777]

At the top of menu bar, right below 'Print Center' you will see the word 'Forms'. When you click this you will see the full list of forms on the left. You will be able to follow the steps provided by our amazing expert @PatriciaV. Placed here for your convenience.

1. Open your return and click the Forms icon in the TurboTax header. 
2. In the list of Forms in My Return on the left, scroll down under Schedule C and look for Car & Truck Wks (Elantra). 
3. Click the form name to open it in the large window. 
4. Also open the Depr Report.
5. On the Car & Truck Worksheet Line 51, enter the total of the prior and current depreciation for the vehicle from the Depr Report. You will need to right-click the existing amount and choose "Override."
6. Do the same for Line 52 from the AMT Report.
7. For the Santa Fe, enter a zero on Line 36(a)(i).
8. When no forms in the left column have a red exclamation mark, click Step-by-Step in the header to return to the main screens.

@lenayelis 

                                  

[rcarr1575]

Thank you very much for this, but I'm not using the desktop version. I'm using the online version. Is there a way to make these changes with the online version?

[lenayelis]

This is entirely different looking interface 

from my desktop version

could you send me a link to this version please

thank you 

[MandiBee]

Hi, I'm using the Turbotax desktop and I've having this exact error. I traded in my older business car for a newer one this year, and I keep getting the error that my entries in the allowable depreciation are too high, even though I followed the instructions in this post. May I get some help? @DianeW777 @PatriciaV 

Many thanks!

[MandiBee]

I've shared my file, and the token is 1 2 3 1 4 6 23 36 5 1 759  -  817 68 38

Many thanks!

[lenayelis]

My apologies but i have no idea what this means and what do I do with the token 

[MandiBee]

Hi, this isn't a message for you, @lenayelis  🙂 It's for the tech support employees who help with bugs like this. I'm trying to get the information to @DianeW777 and @PatriciaV 

Sorry for the confusion!

[DianeW777]

Please provide your state so that I can review the return, should you still need it after the instructions below.

The vehicle that was traded can be taken out of service using the steps provided. Keep all records associated with the new business vehicle until you dispose of it through sale, trade or junk.  At that time there will be a taxable event.

When reviewing your vehicle information be sure to select your vehicle was 'Sold, disposed of, etc....' then do not indicate it was sold. 'Your percentage of business use of the vehicle varied over the years.' Next select Yes 'Did you convert the asset to nonbusiness use? This should eliminate any sales questions and it will calculate the appropriate depreciation based on the date you remove it from service. 

Open your TurboTax Desktop return

1. Select Business Income and Expense
2. Edit beside your business or rental activity
3. Select Business Vehicle > Edit
   1. For TurboTax Online: Edit beside your business or rental activity > Under Expenses/Assets select Edit beside your vehicle
4. Enter the date you stopped using this vehicle
5. Continue to  the screen 'Do any of these apply to your vehicle?'
6. Select 'You started using it as a personal vehicle 100% of the time at any point in 2024'
7. Yes > Did you convert this asset to nonbusiness use?
8. Continue and you will finish your vehicle screens.

The way to report the sale (trade is not really recognized by the IRS any longer for equipment or vehicles) is as follows. You have all the records so it should provide you the detail to move forward.

1. All business miles for all years and then total miles for all years - divide business miles by total miles to arrive at your overall business use percentage for the life of the vehicle. You will use this percentage times the selling price (trade-in value) to arrive at the business selling price. Use the same percentage to arrive at your business portion of the cost before depreciation. 
2. If you used actual expenses, write down all prior depreciation and the current year while following the steps above.
3. If you used the standard mileage rate (SMR) you must calculate the depreciation portion of those miles using the chart below (can be found in IRS Publication 463 as well).
4. Once you have completed the information in that section you will follow the steps below to enter your sale:
   1. Go to Less Common Business Situations
   2. Scroll to Sale of  Business Property
   3. On the next screen select Any Other Property Sale
   4. Use the information from step one and the depreciation from step 2 to complete your sale
5. If the personal portion of your vehicle is a loss there is nothing to report for that portion of the sale/trade. If it is a gain it must be reported.

For TurboTax Online - use these steps to report the sale.

Next enter your Sale of Business Property (do not enter any sales information in the vehicle asset)

1. Income at the top
2. Scroll down to Other Business Situations
3. Select Sale of Business Property
4. Select Sales of business or rental property that you haven't already reported.
5. Answer 'Yes' to Do all of the following apply...?
6. Enter your sales information, do not make an entry for depreciation (no zeros)
   1.  Description of the Property (Vehicle made/model/year)
   2. Sales Price/Sales Expenses 
   3. Date acquired and date sold
   4. Cost
   5. Depreciation

@MandiBee 

@rcarr1575 

[MandiBee]

Thank you, @DianeW777 ! My state is Utah, but I also worked in California.

I have tried these steps, and I am not given the option to change the state of my old car to "converted to 100% full use". It only gives me a date entry from when I stopped using the vehicle, and it says I "sold, traded-in, gave away, or stopped using" my Honda Fit (old car). Ican't seem to get Step 5 to show me the option you mentioned I should choose

[lenayelis]

Can any one on TurboTax team advise on how to solve this?? We are 10 days away from April 15th. There is a ping pong of messages with no resolution. 

[DianeW777]

Thank you. First in the vehicle you traded you need to select 'No' it wasn't traded. Once you remove that checkbox you will reach the screen to check the boxes indicated:

• You started using it as a personal vehicle 100% of the time at any point in 2024.
• Your percentage of business use of the vehicle varied over the years
• Next screen - Did you convert this asset to nonbusiness use? - Yes > Continue

Gather the depreciation for all years on vehicle traded.

• Switch to Forms to get your total depreciation used all years on the vehicle traded. Find the 'Car & Truck Wks (vehicle traded)' to write down the prior depreciation (this is the business portion only). You can also use the 'Depr Report (page 1)' which will show the same amount. 
• Switch back to Step by Step
• Start to enter the Sale of Business Property. Go back to the instructions above to enter the sale of the vehicle.
  • Selling price x business use percentage
  • Sales expenses x business use percentage
  • Cost x business  use percentage
  • Depreciation from Forms

@MandiBee 

[MandiBee]

Thank you, this solved the problem! 

@DianeW777 Thank you for your help