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February 20, 2023
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I have equipment purchased 2016 that was previously depreciated and on a 7 year (200 DB HY conv.) New to TT so when entering the numbers into TT result numbers don't match on't

  • February 20, 2023
  • 1 reply
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    Best answer by AnnetteB6

    Here is a guide for how to go about entering depreciation into TurboTax in order to duplicate the entries that have been made on previous returns to continue the same depreciation.

     

    • Start from the Schedule C or Schedule E section of your return until you get to the Assets/Depreciation section.
    • Proceed to the point where you are adding an asset on the page titled Describe This Asset.
    • In order to enter the asset exactly as it has been reported in the past, choose the last option on the list, Intangibles, Other Property, then click Continue.
    • On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
    • Enter the detailed information about the asset:  description, cost, date purchased or acquired.  Click Continue.
    • Move forward with additional details on the next screen, then click Continue.
    • Select the appropriate Asset Class, then click Continue.
    • Choose the MACRS Convention, then click Continue.
    • Select the Depreciation Method, then click  Continue.
    • Answer the question regarding Listed Property, then click Continue.  There may be some additional background questions as well, keep going.
    • You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
    • Finally, you will see an Asset Summary screen with the current year depreciation amount listed.  There is also a check-box here to Show Details.  This will open a full description for the asset so you can verify that it matches the previously reported information.  If it does not, you can choose to go Back and re-enter the data that needs to be changed.

    1 reply

    AnnetteB6Answer
    February 20, 2023

    Here is a guide for how to go about entering depreciation into TurboTax in order to duplicate the entries that have been made on previous returns to continue the same depreciation.

     

    • Start from the Schedule C or Schedule E section of your return until you get to the Assets/Depreciation section.
    • Proceed to the point where you are adding an asset on the page titled Describe This Asset.
    • In order to enter the asset exactly as it has been reported in the past, choose the last option on the list, Intangibles, Other Property, then click Continue.
    • On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
    • Enter the detailed information about the asset:  description, cost, date purchased or acquired.  Click Continue.
    • Move forward with additional details on the next screen, then click Continue.
    • Select the appropriate Asset Class, then click Continue.
    • Choose the MACRS Convention, then click Continue.
    • Select the Depreciation Method, then click  Continue.
    • Answer the question regarding Listed Property, then click Continue.  There may be some additional background questions as well, keep going.
    • You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
    • Finally, you will see an Asset Summary screen with the current year depreciation amount listed.  There is also a check-box here to Show Details.  This will open a full description for the asset so you can verify that it matches the previously reported information.  If it does not, you can choose to go Back and re-enter the data that needs to be changed.
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