When more than one vehicle is listed for Federal Schedule C, the vehicle information will transfer to Form 4562 instead of Part IV of Schedule C. The vehicle information will also transfer to Form 4562 when another asset entered on the return creates the need for Form 4562. This may be true even if that asset was fully depreciated using Section 179 or bonus depreciation. In these instances, Form 4562 will print (and be electronically filed) with the return.
Conversely, if there is only one vehicle asset and the Standard Mileage Rate is selected, the information will transfer to Schedule C Part IV, Lines 43 through 47. There is no need for Form 4562 in this instance.
Information on your vehicle. If you claim any car and truck expenses, you must provide certain information on the use of your vehicle by completing one of the following.
Note. In the TaxAct® program, even if Form 4562 is not a part of the printed return, it is still populated in the data file when the Depreciation and Vehicle Worksheet (which contains the information on the vehicle) is filled out. Form 4562 will not print with the return (nor be electronically filed) if it is not needed; however, do not delete it as that will remove the vehicle information.