Schedule F - Entering Depreciation in Program

The following steps will enable you to enter or review farming-related depreciation information to populate IRS Form 4562 Depreciation and Amortization (Including Information on Listed Property), for federal Schedule F Profit or Loss From Farming:

1. From within your TaxAct® return (Online or Desktop) click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal
2. Click Business Income to expand the category and then click Farming income or loss
3. Click +Add Federal Schedule F to create a new copy of the form or click Review to review a form already created
4. Continue to the screen titled Farm Income - Depreciation and then click Yes
   Note: If reviewing a Schedule F already completed you will be able to move through the screens more quickly if you click No on the screens which ask if you wish to review Income and Expenses
5. Click Yes or No as appropriate on the screen titled Farm Income - Depreciation - Acquired Assets before 1987 and click Continue on the screen titled Farm Income - Carryover 179 after entering any applicable information
6. Click Yes on the screen titled Farm Income - MACRS Depreciation - Assets
   Note: If you have previously entered an asset, the screen will be titled Farm Income - MACRS Depreciation Review and you would click Add to create a new asset or click Review to review an asset already created
7. Click Quick Entry or Step-by-Step-Guidance to enter or review the asset information. If you select Quick Entry, be sure to scroll down to answer all applicable questions for this asset. If you select Step-by-Step-Guidance, the program will proceed with the interview questions for you to enter or review the asset information.