2674929
TurboTax is using an outdated deduction limit of $3,560 (multiplied by business percentage) for new autos/trucks depreciation in 2021 MA tax filings.
> TurboTax references an old IRS Revenue Procedure 2003-75 Table 4 that shows a $3,360 limit without IRC section 168(k) bonus depreciation, and describes inflation adjustments.
> The IRS published the inflated limits every year through only 2017. Rev Proc 2017-29 Table 4 shows the inflated $3,560 limit used by TurboTax for MA without 168(k) bonus (and $11,560 with 168(k) bonus).
> The Tax Cuts & Jobs Act revised these limits in 2018. Rev Proc 2018-25 Table 3 shows the revised $10,000 limit applicable to MA without 168(k) bonus (and $18,000 with 168(k) bonus), and describes the revised inflation adjustments.
> Rev Proc 2021-31 Table 2 shows the inflated $10,200 limit applicable to MA without 168(k) bonus (and $18,200 with section 168(k) bonus).
>>> How do we get TurboTax to fix their outdated software to use the revised $10,200 limit (similar to TaxSlayer) for new autos/trucks depreciation without 168(k) bonus in 2021 MA tax filings?
You'll need to sign in or create an account to connect with an expert.
Massachusetts Department of Revenue confirmed we should use the revised limit for 2021. How do we get TurboTax to fix their outdated software?
TurboTax does not let us override their outdated limit. How do we get TurboTax to fix their software?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
CTinHI
Level 1
SB2013
Level 2
cottagecharm11
Level 4
cottagecharm11
Level 4
LegacyGurl15
New Member