Federal 2011: 2010 Depreciable Vehicles - Cost Exceeds $16,000
Taxpayers may take various forms of depreciation deductions to recover the cost of vehicles they place into service for their businesses and rental properties. These deductions may be limited in certain situations.
Certain customers, who placed depreciable cars and trucks valued over $16,000 into service during 2010, may have filed an incorrect tax return.
TurboTax has fixed this issue.
How to tell if you may be impacted
You may be affected if ALL of the following are true:
- You filed a 2011 federal tax return prior to February 23, 2012 AND
- You have a vehicle listed on Form 4562, Line 26 and/or 27 AND
- You have a 2010 date placed in service in Column (b) of Line 26 and/or Line 27, Form 4562 AND
- You have an amount greater than $16,000 in Column (d) of Line 26 and/or Line 27, Form 4562
If you are affected, you may have underpaid your federal tax. You may need to amend your federal tax return. Your state return may also be affected and you will need to amend it.
You can make the corrections yourself.
- To do it yourself, please follow these step-by-step instructions on:
- Amending your federal return and
- Amending your state return.
- After you make the changes to your tax return, you will need to mail a copy of:
- Your federal amended return to the Internal Revenue Service and
- Your state amended return to your state tax authority, if your state return is affected.
- Your printed return(s) will include instructions on how and where to mail it.
- If you need assistance, call us at the phone number in the email.
Or let us do the work for you.
- Please download and print thisAuthorization Form .
- Complete the form and fax it to us at the number printed at the top of the form.
- A TurboTax representative will contact you (within 15 days) when your corrected return is ready to be securely emailed back to you.
- You can print, sign, and mail the corrected return to the Internal Revenue Service and to your state tax authority if your state return is affected.
If you need to contact us, please use the phone number in the email from TurboTax and tell the representative you’re calling about the Federal 2011: Luxury Auto.