Question

farm tractor depreciation

Forum|Forum|5 years ago
April 12, 2021
1 reply
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on a tractor I purchased in 2019 I took special deduction used the 5 year life and the 2020 premier version of turbo tax automatically used a 20 year life and 150DB instead of the 200DB and I can not change the calculation. How do I correct this matter?????

Carl11_2

Employee

First, check your 2019 tax return and confirm that you did "in fact" use a class life of 5 years.

next, confirm you imported from the "correct" .tax2019 file. If you used a different account to file the 2019 return last year, then you did not import from the correct .tax2019 file. If you amended your 2019 return, and you used the desktop version of TTX 2019 to amend it, then the correct .tax2019 tax file resides on your computer in the documents/turbotax directory.

Finally, the only way to get the program to import the correct information again, is to completely clear your tax return (under TOOLS) and start the 2020 return over from scratch.