Form 4562 depreciation options line 8 (pa) too large .. need to reduce... how??

Forum|Forum|6 years ago
July 6, 2020
14 replies
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TurboTax Self Employed Online

efrem

Level 2

THERE seems to be no way to correct it. Not sure what Turbotax is up to.

JoannaB2

Level 9

The line 8 of Form 4562 is the total elected cost of section 179 deduction. You may have to go back to your entries and check the items depreciated if it was qualified for section 179 deduction. Afterward, you can do a federal review to check for error/s by clicking Federal Review located on the upper right hand side of the screen .

Any single item less that $2,500 can be expense using section 179., and over $2,500 single item must be depreciated over the life of the property.

To qualify for section 179 deduction, your property must be tangible, such as furniture, equipment, computer software, purchased from the store (not at a related party) and was used more than 50% on the business. You can only deduct up to the percentage of business usage.

Giordani

Level 2

Did you ever figure this out? This same thing is happening to me.

AmyC

Level 15

The PA return asks you what amount should be used. Go back through the PA income section. Go through the business questions. Correct the amount at the 179 Deduction screen as shown below.

@Giordani

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lzzeezy2013

Level 2

I went through the section as you discuss and I am unable to find that area. Is this under where you would add an asset? I went through all my assets and do not see this screen. I do remember seeing this screen.