Form 4562 Line 16 Other Depreciation

I'm amortizing cost of a motion picture using the Income Forecast method. IRS instructions for 4562 instruct to use Line 16 to enter my depreciation. But, I can't for the life of me figure out how to coax Turbo Tax to use Line 16. I've tried many combinations of answers during the interview without any luck. I also tried manually inputting a value on Line 16, but "override" is not an option for that line. Please Help.

1137

Level 15

Oct 12, 2021 1:48:21 PM

turbotax does not handle the income forecast method.

Returning Member

Oct 12, 2021 3:43:17 PM

Thank you. Do you know of a way to override Line 16 on form 4562?

Returning Member

Feb 10, 2022 8:26:42 AM

Did you ever figure this out?

I need to do something similar and can't seem to find any software able to handle this.

if you found a solution, I'd love to hear it!

Thanks!

Expert Alumni

Feb 10, 2022 11:19:45 AM

Using Forms in TurboTax Desktop may allow you to override the depreciation amount in the current year but

You likely would not be able to electronically file, and
Would void the Intuit accuracy guarantee.

See this help.

Returning Member

Feb 11, 2022 8:58:46 AM

@John U

I finally found a solution to this, although it's a different software/website called: "OLT".

They are part of the IRS free file program so they are reputable.

They let you not only get the proper amount on line 16 of form 4562, they allow you to customize the depreciation amount to cater to your income forecast method calculation.

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Form 4562 Line 16 Other Depreciation