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 (Form 1040) Profit or Loss From Farming.
To enter or review farming-related depreciation information:
- From within your TaxAct return (Online or Desktop), click Federal (on smaller devices, click in the top left corner of your screen, then click Federal).
- Click the Business Income dropdown, then click Farming income or loss.
- Click + Add Schedule F to create a new copy of the form or click Edit to edit a form already created (desktop program: click Review instead of Edit).
- Continue with the interview process until you reach the screen titled Farm Income - Depreciation, then click Yes.
- On the screen titled Farm Income - Cash Expense Summary, click Depreciation.
- Continue with the interview process to enter your information.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.