Question

Can't delete form 4562

Forum|Forum|2 years ago
April 4, 2024
1 reply
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I entered detailed home office and car expenses for a new business, and decided later that I don't want to claim these expenses. Turbotax insists on generating form 4562, where the business use % is based on the info I entered initially. It does write down current and prior depreciation as 0, but I'm not sure why the form should be there at all and whether it will cause confusion. I use TT on the web and when I ask to delete the form I go back and see that it's still there. How do I get it to delete it without having to re-do everything?

KrisD15

You don't need to re-do EVERYTHING but you do need to go back to Business expenses and delete the Home Office (select "No" to "Do you have a home office?") and delete the vehicle.

Be aware that if you have a business, and you have business expenses, you are required to claim those expenses.

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F

fgurAuthor

Thank you!

It deleted my form, but also eliminated my QBI deduction. Is this expected?

T

ThomasM125

I wouldn't expect deleting the depreciation schedule to eliminate your qualified business income (QBI) deduction. It would be primarily based on your business income. You take 20% of your net business income as the staring point to calculate your QBI deduction. It would be reduced by prior year QBI loss carryovers along with IRA and self-employed pension plan contributions, self-employment tax deduction, dividends, capital gains/losses among other things. Eliminating your depreciation schedule would likely increase your business income if anything which would increase your QBI deduction in most instances.

You may have to go back through the business section in TurboTax and make sure you answered the questions properly to designate your business as qualifying as QBI: