Did Turbotax miss depreciation on form 4562 for prior year capital investment?

[BATAX]

I have used TurboTax for my last two tax returns.  For my 2018 return, TurboTax walked me through taking depreciation on capital improvements (new HVAC system) that  I made in 2018.  I can see it on form 4562 line 19b in the category of "5 year," which made sense.  For my 2019 return, I saw the value of that capital improvement made in 2018 while walking through my rental property info in TurboTax, saw that the capital improvement info from the prior year was still there, and assumed TurboTax was taking that depreciation for me.  I filed my return.  Now that I'm looking at it more closely, I do not see anything on form 4562 line 19b; I see only a value on line 17 and nothing more added.  The total on line 22 is equal to the value on line 17. 

 I don't know how to determine if perhaps the depreciation on the HVAC capital investment in 2018 was silently combined together with regular long-term depreciation on line 17 such that I received the benefit without TurboTax spelling it out on line 19b. 

• Question #1: Please help me understand how to determine if  I took or missed the depreciation on the new HVAC system for the year 2019. 
• Question #2: If I missed taking the capital investment depreciation in 2019, how would I go about calculating the value of amending my 2019 return to capture that vs. just letting it go?  The cost of the new HVAC system was about $12,000, and I was supposed to be able to depreciation 20% of that amount in 2019. 

Thanks in advance for anyone who can help with this question!  

[DianeC958 · Accepted solution]

The first year when you put an asset into service the information shows on the form 4562.  the next year the amount of depreciation for all of your assets shows on line 17.

If you added new assets the information about depreciation for those assets will show in line 19a through 19i and 20a through 20d. The total amount of depreciation for 2019 shows on Line 22.

To check the information that shows on form 4562 you can look at your Depreciation Worksheet that is part of your tax return.  The last column shows Current Depreciation.  The number at the bottom of the column should agree with the number on line 22 of the form 4562.

To figure the amount of addition tax you are paying you would take the amount of depreciation you could have taken multiplied by the tax rate for the tax bracket you are in for 2019.  For example if the amount of depreciation is 20% of $12,000 for a deduction of $2,400 and you are in the 22% tax bracket you overpaid your taxes by $528.  As long as you do not have Qualified Business Income Deduction. This example is a simplified calculation there are other factors that may figure in.