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sarabsly
New Member

If I filed a 4562 last year; do I do anything with it this year

A CPA did my taxes last year and now I am doing them, so I don't know what to do.
1 Reply
PatriciaV
Expert Alumni

If I filed a 4562 last year; do I do anything with it this year

Form 4562 Depreciation and Amortization reports business assets and the depreciation expense taken for the year. You should continue to take depreciation as long as you use those assets for your business.

The header of Form 4562 displays the Business or Activity relating to the assets on the form. If this is a Schedule C business, you would enter the info under Assets/Depreciation from the Business Summary page for your business.

Also look for a Depreciation Report that may refer to Form 4562 (see screenshot below - click to enlarge). From this report you will enter the asset description, date in service, cost, and depreciation taken.

The easiest way to find Schedule C in TurboTax is to open your return and use the Search box at the top right side of the TurboTax header. Enter "schedule c", hit Enter, then click on "jump to schedule c". This will take you directly to the start of this section where you can set up your business and enter your income & expenses and assets.

If you need specific help with these entries, please return to the forum and post another question.

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