why can't I find form 4562 in Tax Schedule or Tax Reporting?

Quicken Windows Other Member
edited May 17 in Business and Rental Property Tools (Windows)

I am setting up car depreciation for the car I use in my business.

I cannot find form 4562 in Tax Schedule either in account details or Tax Reporting for category.

It is a basic part of preparing for my taxes every year. I am sure I am not the only one looking for the solution.

If I omitted a feature that will help me assign Depreciation account (contra asset) or Depreciation Expense (category) to form 4562, please let me know.

Looking forward to your suggestions.

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Answers

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭

    You're expecting too much of a personal finance manager. That's a form that's available in TTAX, and I would assume other tax prep software.

    SO, just create whatever categories you need in Q.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Quicken Windows Subscription SuperUser ✭✭✭✭✭

    Looking over Form 4562, in TTAX, it seems that those results end up as Sched A, Miscellaneous. SO, just pick one of those tax lines as appropriate.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • Quicken Windows Other Member

    thank you NotACPA 

    I am using Business and Personal version. It includes schedule C to report business income and expenses.

    It will be very helpful to be able to assign this form to the category "Depreciation" for business purposes. I calculate MACRS depreciation with depreciation calculator online and would like to record it into this category. I tried to assign it to Sched. C in Tax Reporting but there is no "Depreciation" line in there.

    Depreciation is on IRS schedule C form (line13).

    It will make it so much easier to have an option to include it in the reports when I prepare for taxes. And I'm sure other business owners would be happy to have this option.

  • Quicken Windows Subscription Member ✭✭✭✭

    The basic problem is that none of the tax forms have been updated in decades. It just isn't something that the Quicken developers have maintained.

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  • Quicken Windows Subscription Member ✭✭✭✭
    edited April 17

    To add to @Chris_QPW, Intuit used to own both Quicken and TurboTax but sold Quicken in 2016 and I'll bet that the Tax definitions haven't really been updated since then.

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