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What to enter in AMT Special Depreciation Allowance Ded?

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3 Replies
PatriciaV
Employee Tax Expert

What to enter in AMT Special Depreciation Allowance Ded?

If you purchased this asset in the current tax year, TurboTax will calculate this amount for you. If you purchased the asset in a prior year, you should review your entries for this asset under the related activity Assets topic and enter the AMT amount on the Prior Depreciation page.

 

Any Special Depreciation Allowance you claimed in the past will appear on the Alternative Minimum Tax Depreciation Report that is included in your prior year PDF.

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What to enter in AMT Special Depreciation Allowance Ded?

I do not have a prior year PDF.  I did not use turbo tax last year. I did not include a depreciation for my truck last year.  I began using it in Feb 2021 and only deducted standard fuel mileage deduction.

 

This year Turbotax estimated a depreciation deduction of $3863  but then left me hanging with an AMT for that special depreciation deduction with no idea how I was supposed to get an AMT 

What to enter in AMT Special Depreciation Allowance Ded?

This is not a computer. it is a truck.  I DID NOT depreciate it last year.  I DO NOT have a prior year AMT.  I have NO idea how to fill in an AMT for a special depreciation allowance and obviously Turbotax has no idea how to handle it either.  So my option is to forget the special depreciation and just estimate my fuel costs

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