Admittedly, I should have asked this question when TurboTax originally created the Asset worksheet in 2016, but hopefully better late than never? Trying to understand the 'Asset Life History' worksheet calculations for a vehicle placed in service 11-01-2016 (see attached). Original Cost $36,983. Used 70% for Business = $25,888 less <$7,812> sect 179 = depreciable basis of $18,076. My questions are essentially: How was the 'current depreciation' calculated? - e.g.
1) Why might the depreciation continue over 14 years for a asset with a 5 year life?
2) I can determine that the amounts beginning in year 7 of $1,313 correctly agree to 70% of the vehicle max of $1,875, but how might the other amounts have been calculated since they don't seem to agree to either DDB (twice straight line) or the MACRS %'s for a 5 year asset, even after considering the 70% business usage.
Any thoughts/clarifications would be appreciated so that I can understand what the correct amounts should be,
Asset Life History
Asset Entry Worksheet
Vehicle Limitsespecially if it turns out that I may need to file amended returns because the amounts shown as 'Current Depr' were what TurboTax included in the respective annual tax returns.