Question

If I fill out a Form 3115 in Turbo Tax, does Turbo Tax bring the Form 3115 amounts into the tax return to compute the tax?

Forum|Forum|6 years ago
June 3, 2019
1 reply
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I understand the Form 3115 is available in the Forms section of TurboTax. I also understand TurboTax will not e-file a return with a Form 3115 in this version (Home & Business on CD for Mac). But, I want to know whether TurboTax takes the amounts from the Form 3115 (after I have filled it out) and computes the tax, so that I can simply print and sign the return (including the Form 3115) from TurboTax and mail it in.

TurboTax Home & Biz Mac

MichaelL1

Employee

You will have to compete in the Forms mode and TurboTax does not do the computations on the 3115.

https://ttlc.intuit.com/replies/6807065

N

NicoleArmstrong

Just a side note that, because it won't automatically compute the number, you can go in and right-click and "override" the Depreciation for this year to include the additional amount. That way the correct total will move forward into future years.

A

AmeliesUncle

@NicoleArmstrong wrote:
Just a side note that, because it won't automatically compute the number, you can go in and right-click and "override" the Depreciation for this year to include the additional amount. That way the correct total will move forward into future years.

No, that is not how it is done.

You enter the adjustment from 3115 as a "481(a) Adjustment". DON'T add it to the current depreciation. However, your "prior depreciation" should have already included that amount because that needs to be what you SHOULD have taken.