Question

Depreciation - Form 4562

Forum|Forum|4 years ago
April 5, 2022
2 replies
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I have a few rental properties. I have been using TurboTax Premier for many years. The data from the previous year gets transferred to the present year. In preparing the tax return for 2021 in TurboTax Premier, when I tried to enter "Asset/Depreciation" section (before I could enter any information in this section), I received the following note:

"Depreciation and Amortization Under Construction

You’ve done a great job starting your taxes early, but the IRS is still working on finishing up Depreciation and Amortization area (form 4562) for 2021. This means this area isn’t quite ready yet.

Check back soon and we’ll help you finish up.

Let’s keep working on other parts of your return."

I cannot believe that IRS is still working on Form 4562 for the year 2021. Please help in decoding the meaning of this message from TurboTax. What do I need to do to complete the asset/depreciation information for completing my tax return?

M

Mike9241

have you run updates?

Carl11_2

Employee

The Assets/Depreciation stuff was all updated before the end of January, 2022. If you're using the online version then you need to clear your browser cache, reboot the computer and try again.

If you're using the CD version of the program, then you need to run updates. You can do that manually in the program by selecting Options, then Update.

M

mpsingh08Author

Thanks Carl, appreciate your response. There must have been a problem with the 'update' function of my TurboTax. This morning it took a long time to update (to the 04-22-2022 version). Now its working fine.