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Turbo Tax appears to be lumping my Schedule C vehicle depreciation in with other vehicle expenses...how can I view the depreciation calculation before filing?

 
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3 Replies
Carl
Level 15

Turbo Tax appears to be lumping my Schedule C vehicle depreciation in with other vehicle expenses...how can I view the depreciation calculation before filing?

How are you claiming vehicle expenses?

If claiming the "per mile" deduction then depreciation is a part of each mile claimed automatically. For 2019 the per-mile deduction for business use of a vehicle is 58 cents per mile. Of that 58 cents, 26 cents is depreciation. This will *NOT* show up on any IRS Form 4562 either. While you will see the vehicle listed on the 4562, the depreciation taken will show ZERO on that 4562, as it should if you are taking the per-mile deduction.

 

Turbo Tax appears to be lumping my Schedule C vehicle depreciation in with other vehicle expenses...how can I view the depreciation calculation before filing?

Hi, I am not claiming "per mile"....I entered my actual mileage, gas, insurance, etc., and then it spit out a total number at the end that seemed to roll up all those expenses plus the amount it calculated for depreciation but it didn't separate the amounts out.  I know it will do that on the actual forms (including 4562) once I pay and file, but I'm trying to see the amount now, and figure out how it calculated the depreciation (before I pay and file).  Thanks!

Turbo Tax appears to be lumping my Schedule C vehicle depreciation in with other vehicle expenses...how can I view the depreciation calculation before filing?

 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

             

             

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

                    

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

           

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