Form 4562 Pages and Worksheets

Although the program completes most of Form 4562 automatically, be sure to review the following form pages and enter any additional data in the blue input fields on each page:

  • Form 4562, Page 1
  • Form 4562, Page 2
  • 179 Bus Inc Limit
  • 179 Summary

If your client has section 179 carryover from a prior year, or adjustments to business income that are not reflected on the activity schedules in the return, you may need to make entries on the Form 4562 worksheets.

The following table lists and describes the tabs included in Form 4562. The reports can be printed with the return by selecting the appropriate options on the Print Options tab of Form 4562.

Tab

Description

Form 4562, Pages 1 and 2

If the Asset Entry form is used, Pages 1 and 2 of Form 4562 derive information from the Input and Vehicle Info worksheets.

179 Summary

If more than one of the return's business activities elects Section 179, this sheet will be populated with the summary totals on lines 1-13.

Print Options

Allows you to modify the selections to override the program defaults for printing.

Part 1 Summary

Calculates the business income for section 179 limitation. In most cases there is little to no modification needed.

179 Worksheet

Shows the allocation of Section 179 between business activities and any carryover amount. Can be modified if you want to change the allocation percentages.

179 Statement

Reports the Section 179 deduction elected per activity.

Use of Vehicles

Reports vehicle data from Part V, Section B on Form 4562.

4562 Statement

Reports detail of assets reported on Form 4562, in reconciliation format. Not printed by default.

Section 280F Recapture

Reports amounts recaptured as income from the Asset Entry Input sheet if an accelerated method/convention was used, if Section 179 or Bonus was taken in the prior year, and if the business use percent drops below 51% in the current year. The amount recaptured is sent to the appropriate line of Form 4797 as well as to the business activity form to which the asset is assigned.

Tax Classification Report

Similar to the 4562 Statement, but compiled by asset classification and without a reconciliation.

Detail Report

Customizable report providing the ability to sort assets and to show and hide columns.

Customizable Report

Provides information for states that do not use Federal Form 4562 and require a separate depreciation schedule.