special depreciation

[R117]

Why is my refund higher if I don't select the special depreciation option?

[ColeenD3]

There is no way to know without actually seeing your return, before and after you made your selection. It is possible that the EIC comes into play. You can run it both ways and look to see where the issue is.

[R117]

Thank you for such a fast reply! I'm still confused about how Turbo Tax explains the special depreciation allowance. I purchased a vehicle that costs almost as much as my gross income. Seems like not taking the special depreciation would be my best option for spreading out the benefits.

[Critter-3]

There are many options with assets & depreciation so look at the total return in all ways then make the best choice for your situation.   This is the only legal way to manipulate your bottom line of the return ... this is a trick the professional tax pros have used for decades.  

[ColeenD3]

No, it is not always the best option, but that is for you to determine. We can't advise you how to do your taxes.

[R117]

Thank you for your reply!

[4193042887]

I am trhing to finish my taxes and cannot carryover the special depreciation using forms 4562 and forms 8582 as I have $18,191 that is not carrying over into these forms that adjust my submission as done in years past.   Form 8582 detremines your maximum deduction and how do I get numbers entered into this form.  This has NOTHING to do with Section 179 as I puchased NO vehicle to write off as bonus depreation for one year.  

[4193042887]

What is the EIC mean?

[AliciaP1]

EIC is the Earned Income Credit.  See What are the qualifications for the Earned Income Credit (EIC or EITC)? for more information to see if it applies to you.

@4193042887