I've been using Turbo Tax Business for the past decade but in 2023, there are 100's of "Error Checks" to fill in "Special Depreciation Amount" for my depreciable assets

Forum|Forum|3 years ago
January 24, 2023
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I have not changed my prior year assets and in past years, these same assets never prompted this error check. Do I fill in "0" or is this just a glitch in Turbo Tax and should I ignore it?

TurboTax Online

Anonymous_

Employee

Please provide more details concerning the errors you are seeing.

If you took the special depreciation allowance (bonus depreciation) in a past year (or years), then the asset should not still be on the depreciation schedule; any such assets should have been removed from the scheduled and expensed.

info96Author

Thank you so much Champ! I really appreciate your help. So there are 350 entries that need additional info on form 4562. They range from my first entry in my depreciation and amortization schedule of a piece of equipment in 2012 with a life of 7 years that has been fully depreciated so the accumulated value is equal to the initial cost...to equipment that still depreciable value on it placed into service last year. The errors are as follows:

-"AMT Special Depr Allo. must be entered" - Even for fully depreciated assets.

- With assets that still have depreciation value, it is first asking me for ""Special Depr Allowance must be entered" then followed by another error for the same asset "AMT Special Depr Allow. must be entered"

-"Elect out Special Ded should be blank" - Even for fully depreciated assets

These are 90% the same assets I had on form 4562 last year and none of these errors came up and I did not change anything on the entries that now have errors.

Thanks again a ton, can't tell you how much your help is valued!