Tranfer assets from prior year Turbotax

Forum|Forum|5 years ago
March 28, 2021
2 replies
0 views

Im a farm owner and entered depreciable assets last year taking the credit over time however I cannot get those assets to transfer to my 2020 tax return. Since I took the depreciation over time, I would think it would automatically transfer when I import the data from the 2019 tax return.

Any help is greatly appreciated. Ive attempted it half dozen times with no success, it only allows me to enter new assets acquired in 2020.

TurboTax Home & Biz Windows

Kat11_2

Employee

Are you preparing your 2020 return on the same computer you used when preparing your 2019 return? Your post indicates that you're using TurboTax Home & Business CD/Download. Did you prepare your 2019 return in the same platform, and on the same computer?

*** I am NOT a tax expert. I am a seasoned TurboTax user, and volunteer to provide assistance to TT users. Nothing I post is to be considered TAX ADVICE; I bear no legal liability for responses.***

Carl11_2

Employee

My screen indicates you're using the CD version of TurboTax Home & Business installed on a Windows computer. Last year's tax file, which has a .tax2019 filename extension, must be on that computer in order to import from it. The program expects the .tax2019 file to be in the document/turbotax directory by default.

marbellaD

I am also trying to get this to work. I did the former year on another computer, but I transferred all the turbo-tax files to the new computer.

It automatically pulls up the business info, but not the former year's income, expenses etc. And definitely not the assets, that's a main reason for me continuing with turbotax

Carl11_2

Employee

You may need to go back to the other computer with the .tax2021 file on it. Open it up in TurboTax 2021 and if the 2021 program needs to install updates, let it. Then save the .tax2021 again. Transfer the newly saved .tax2021 file to the new computer and try again with the 2022 program.