Does turbotax premier support form 4562?

[IreneS · Accepted solution]

Yes, TurboTax Premier does support Form 4562 - Depreciation and Amortization.

[Petlove]

If you only sold a home without taking depreciation for a home office, etc. then you do not need to complete the form 4562. You enter the sale of your residence just like you did a stock transaction and use the code in specific column to indicate that it is sale of home. This cancels out the loss on Schedule D. (same column as wash sale, etc.). You must have the same info as for stock transaction such as gross sales, basis, etc.

[coragripp]

I cannot access form 4562 and I have turbo tax premier

[DoninGA]

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@coragripp wrote:

I cannot access form 4562 and I have turbo tax premier

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A Form 4562, Depreciation and Amortization only becomes available if -

Except as otherwise noted, complete and file Form 4562 if you are claiming any of the following.
• Depreciation for property placed in service during the 2018 tax year.
• A section 179 expense deduction (which may include a carryover from a previous year).
• Depreciation on any vehicle or other listed property (regardless of when it was placed in service).
• A deduction for any vehicle reported on a form other than Schedule C (Form 1040), Profit or Loss From Business, or Schedule C-EZ (Form 1040), Net Profit From Business.
• Any depreciation on a corporate income tax return (other than Form 1120S).
• Amortization of costs that begins during the 2018 tax year.

[Critter]

If you are sure you should have that form then  make sure your program is also up to date ... run an update. 

[bnkhoi]

My 2019 Premier doesn't have Form 4562 and I always run update.  How am I going to take care of Depreciation and Amortization for my rental house?  When I got to Depreciation Your Property, I answered Yes t the question "Do you have any assets for this property that can be depreciated?" and clicked Continue.  The next page showed that the IRS is still working on the Form.  What's going on?

[VictoriaD75]

Form 4562, Depreciation and Amortization is available

https://care-cdn.prodsupportsite.a.intuit.com/forms-availability/turbotax_fed_online_individual.html

If you are using the desktop software make sure that you are at the latest release.  Click on Online at the top of the desktop program screen.  Click on Check for Updates.

If you get a message that your software is up to date and you still cannot access the Form 4562 to depreciate assets, then save your tax return and close the TurboTax program.

If the TurboTax software is installed on a Windows based PC, get a manual update - https://ttlc.intuit.com/community/updating/help/manually-update-turbotax-for-windows-software-basic-...

[bnkhoi]

Thanks.  The manual update, however failed.  It returned message "Turbo Tax 2019 is not installed." 

Please see attached screenshot.  Could it be that I bought a bad copy?  I bought it from someone named Douglas Jackson via PayPal for only $29.

[VictoriaD75]

That is a possibility. We recommend that you purchase TurboTax from approved vendors.

Where can I obtain authentic TurboTax software?

You may want to try to reinstall the software. If that does not work, you can use the link below to purchase and download the software.

TurboTax Download Products

[bnkhoi]

Thank you very much.  I guess I shouldn't always go for the lowest price.😁

[kpk001]

Same problem from same Ahole. I used paypal to order and am using their clunky system to get my money back. Hopefully they track this guy down.

[kpk001]

Same problem from sale Ahole. I used paypal to order and am using their clunky system to get my money back. Hopefully they track this guy down.