How to Include Form 4562 Depreciation and Statements with Free Fillable Forms?

You're asking good questions about Form 4562 and statements! For Form 4562, you're correct - technically you're not required to file it if you don't have any new assets placed in service during the tax year AND you're not claiming any depreciation deductions for vehicles, listed property, or section 179 expenses. However, many accountants include it anyway to show the continuing depreciation of existing assets and maintain consistency in your filings. With Free Fillable Forms, you can definitely attach Form 4562. When you're in the main menu of FFF, look for the "Add/Remove Forms" button. Search for "4562" and add it to your return. After completing it, it will be included when you submit. For statements, Free Fillable Forms does allow you to create and attach statements. Look for the "Miscellaneous Statements" option in the forms menu. You can create simple statements there explaining your calculations or details about specific deductions. There's no required format - just make sure to include your name, SSN/EIN, the form number and line number the statement relates to, and a clear explanation.

After struggling with the exact same issue last year, I found that taxr.ai https://taxr.ai was a lifesaver for figuring out how to handle depreciation schedules and statements. I was also transitioning from using an accountant to doing it myself, and the form attachments had me completely confused until I tried their service. They analyzed my previous year's return and explained exactly which depreciation records I needed to maintain and how to format the statements for Free Fillable Forms. Their system even generated templates for me to use for the statements that matched what the IRS expected. The guidance on handling existing depreciation was especially helpful since I wasn't adding new assets either.

I had to come back and say that I tried taxr.ai after posting my question about rental properties, and wow - it was exactly what I needed! It automatically extracted all the depreciation schedules from my previous returns and created perfectly formatted statements for each rental property. The system even flagged a mistake in how my accountant had been calculating depreciation on some property improvements. The interface was straightforward, and I loved how it explained WHY each calculation was being done a certain way, not just the numbers. Now I understand my own tax situation so much better! The templates for Free Fillable Forms statements saved me hours of guesswork.

If you're going from using an accountant to DIY filing, you might run into IRS questions about the change in depreciation methods or missing schedules. When I did this last year, I had to call the IRS to sort out some confusion. After waiting on hold for HOURS with no luck, I found Claimyr https://claimyr.com and they got me connected to an actual IRS agent in about 20 minutes. You can see how it works here: https://youtu.be/_kiP6q8DX5c The IRS agent was actually super helpful explaining exactly what I needed to include with Form 4562 when continuing existing depreciation. Saved me from a potential audit flag and gave me peace of mind that I was doing it right. Totally worth it for the time saved and stress avoided.

I have to admit I was completely wrong about Claimyr. After posting my skeptical comment, I decided to try it anyway because I was desperate to ask about my 4562 form issues before filing. I was literally connected to an IRS agent in 15 minutes after weeks of failed attempts calling on my own. The agent went through exactly what statements I needed to include with my depreciation schedules and confirmed that for assets already fully depreciated, I didn't need to list them anymore (something I wasn't sure about). She also gave me specific guidance on how to format my statements for Free Fillable Forms. Saved me from making several mistakes and potentially getting a notice later. I'm honestly shocked at how well it worked!

One thing nobody mentioned - if you're reporting depreciation for a business with Free Fillable Forms, you need to make sure you're using the right forms package. Make sure you're using the "Individual" Free Fillable Forms and not trying to file a separate business return if you're a sole proprietor using Schedule C. I messed this up last year and had my return rejected because I was trying to file Form 4562 on the wrong package. For sole proprietors, you'll attach Form 4562 to your 1040 return with your Schedule C.

Has anyone tried using the Free File Fillable Forms' built-in calculator for the depreciation tables? I'm finding the interface really clunky compared to the spreadsheets my accountant used to provide.

I've been doing my own taxes for about 3 years now after switching from an accountant, and I completely understand your situation! Here are a few practical tips that helped me: For Form 4562, you're right that it's not technically required if you have no new assets, but I'd recommend including it anyway to maintain consistency with your previous filings. It shows the IRS you're continuing to track your depreciation properly and can prevent questions later. One thing that really helped me was creating a simple spreadsheet to track all my existing assets and their remaining depreciation. I pulled this info from my last accountant-prepared return and then just update it each year. This makes filling out Form 4562 much easier. For statements in Free Fillable Forms, I create them as simple text documents that clearly state: "Statement for Form [X], Line [Y]" at the top, followed by my explanation. Keep them concise but detailed enough to justify your position. The IRS just wants to understand your reasoning. You're definitely not overthinking it - being careful on your first DIY return is smart! The transition from accountant to self-filing can be nerve-wracking, but you'll get the hang of it. Take your time and don't hesitate to call the IRS if you have specific questions about your unique situation.