For 2022, I purchased a new truck and decided to enter a number in the "Section 179 Deduction" field in Turbotax. Now I am doing taxes for 2023 in Turbotax and it doesn't seem to have carried over that amount or the amount of depreciation remaining on my vehicle. How do I get this number to properly calculate or allow me to choose how much Section 179 deduction to take this year.
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The 179 Deduction is only available the year the asset is purchased.
The 179 is a deduction, not depreciation.
There is a column for Section 179 on Form 4562 and what you took last year should be listed on that form in your tax file.
If you entered the vehicle last year, go to Business Vehicle Expenses, where the vehicle is listed and enter your 2023 expenses and miles. The program will calculate the depreciation for 2023 and enter it on your Schedule C.
TurboTax allowed me to enter an amount of Section 179 that I wanted to take. Since I didnt take the entire value of the truck; I should have carryover to this year but none was brought over. How do I fix?
Do you mean that you took the Section 179 Deduction in Tax Year 2022, but the deduction was limited because of your income?
If that was the case, yes you can take the amount carried over.
If you limited the amount last year, you can't claim anymore this year.
HERE is a link with answers for this situation.
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