Missing 4562

Forum|Forum|3 years ago
February 15, 2023
1 reply
0 views

For 2022 taxes, Turbotax has apparently stopped creating the SUMMARY 4562 as it is not required for submission to IRS. However, that summary is vital to filling out the 1065 pages 4-5 balance sheet for total assets and total depreciation. Out of desperation, I created a spreadsheet to add up many pages of assets. This should not be necessary since that form exists. Why isn't it provided in the forms that are populated???? Is there any way to import it in somehow?

ThomasM125

There is a Depreciation and Amortization Report available in the TurboTax Business product. It lists the assets in your program, their cost, date in service, depreciaton method, prior depreciation and current depreciation. I think that would give you the information you mention. You can find it in the Forms menu near the Asset Entry Wks. It is called Depr Report.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Mike9241

I don't use Turbotax Business but i have used Intuits professional products. why isn't that part of the balance sheet populated from the depreciation detail like in the pro software?

DaveF1006

Form 4562 will only print with the filing copy when required by the IRS. According to IRS instructions, the 4562 should only be filed when the following conditions are met:

Depreciation for property placed in service during the 2022 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.
Any depreciation on a corporate income tax return (other than Form 1120-S).
Amortization of costs that begins during the 2022 tax year.

@ChristyW3

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"