TurboTax is using an outdated deduction limit of $3,560 (multiplied by business percentage) for new autos/trucks depreciation in 2021 MA tax filings.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 How do we get TurboTax to update their software to use the revised $10,200 limit, rather than using the outdated $3,560 limit, for new autos/trucks depreciation without 168(k) bonus in 2021 MA tax filings (similar to TaxSlayer)?
