Bug in importing 2022 Car and truck expences ws

Forum|Forum|2 years ago
February 23, 2024
1 reply
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Line 36a 1 (was property accuired after 9/27/17) is marked as n/a, while it should be "yes" as in all previous returns. This field is not editable. The turbotax says special depreciation allowance is wrong because of this and I can not finish my taxes.

Any help with this?

Thanks,

Mike

TurboTax Home & Biz Windows

Best answer by mglauner

Yes, if the vehicle was placed in service in 2019, you would have needed to elect the Special Depreciation Allowance that year only, and subsequent years would have a small amount of depreciation, up to the five years when a vehicle is fully depreciated.

@Mike-13

mglauner

On Line 36a on the Asset Entry Worksheet for your vehicle, 'Yes' refers to the Economic Stimulus box above, so N/A is appropriate.

Special depreciation is an extra allowance that you can take the first year a property depreciated under the MACRS method is placed in service. You can only take that the first year the vehicle is put in service, and if you purchased the vehicle new, so it wouldn't appear on more than one tax return.

Go back to the Vehicle Asset Interview section and step through the questions again. If you are adding a new vehicle for the first time this year, you'll get that option as a choice for depreciation.

Here's more info on Using a Vehicle for Business.

@Mike-13

Mike-13Author

I actually tried several times the vehicle interview with the same result. Vehicle was placed in business in 2019. The smart check says special deprecciation allowance is too high. I entered 0 instead and there is no error now. Should I leave it with 0?