Form 4562 isn't displaying current year depreciation

[Sirius]

Hello,

I am finalizing a clients personal return for 2022. This client is self-employed and owns a 100% business vehicle that was purchased in 2022. Please see my question below.

I have added the vehicle to form 4562 and elected the special depreciation allowance. In ProConnect, form 4562 is showing the special allowance deduction (limited to $19.2K), but is not calculating a current year depreciation amount (line 26, column H). Is there an override that must be performed for this amount to be calculated?

Thanks!

[sjrcpa]

What is the 2023 limit on depreciation for this type of vehicle?

[Sirius]

Just to clarify, this is for a 2022 Return. Not for 2023. I believe the 2023 limit is $20.2K.

[IRonMaN]

Is the limit for special depreciation or total depreciation? 🤔

[Sirius]

That's a great question. I was receiving conflicting information and was under the impression it only applied to special depreciation. I did just read an excerpt in the IRS instructions for form 4562 and it sounds like the limit may apply to total depreciation. So I may have my answer, but would love a second opinion.

[IRonMaN · Accepted solution]

You have your answer - the software already provided you with it.

[Sirius]

Thanks for confirming! I greatly appreciate it!

[IRonMaN]

You betcha!