Question

Error in TurboTax 2021 - double calculating depreciation !!

Forum|Forum|4 years ago
March 9, 2022
1 reply
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I am filing my return for 2021 and notice a substantial discrepancy. Last year - 2020 - I purchased a commercial vehicle and wrote it off in its entirety as a section 179 expense. No issues there. This. year, TurboTax is trying to depreciate the vehicle - so basically its adding it again. I am under the impression that once a vehicle is depreciated under 179 it is NO LONGER eligible to be deducted.

Why is TT doing this and how do I fix it ? I can look at the depreciation list and cleary it appears twice on form 4562 - once for 2020 as a section 179 ($0 applied to 2021) , and again in 2021 as a standard depreciation with $11, 498 applied. This is a red flag to me.

6

6ixgunAuthor

Well, did a little more digging. The error happened in 2020, so TT now thinks I have TWO vehicles - one under 179, and one under standard depreciation. This means an amended return and about $3K I'm going to owe to the IRS for the mistake in 2020.

I can't believe TT would make this kind of error. **PISSED** and I cannot get through to support in any way - their phone support system is a joke.

Guess its time to go back to an accountant.