Solved

Trouble Adding Assets to Farm

Forum|Forum|2 years ago
January 19, 2024
1 reply
0 views

I previously had my farm in TurboTax as a business, but have now set it up as a farm. I added my assets that were purchased in 2022. I input depreciation amounts for the previous year when asked, but then was asked "If you took the Section 179 Deduction on this item in a prior year, enter the amount here." I left it blank because I did not take the Section 179 Deduction. This is the only thing in the process that I left blank or was confused by.

In Review, I am being prompted to fill Lines K and L of the Asset Entry Worksheet for both of the assets I've added-

Special Depreciation Allowance Deduction

and

AMT Special Depreciation Allowance Ded.

I have no idea what I would put here. Any help would be appreciated!

TurboTax Home & Biz Windows

Best answer by PatriciaV

Since you are working in TurboTax for desktop, you can review the Asset Entry forms for these assets. Open your return and click the Forms icon in the TurboTax header. In the list of Forms in My Return on the left, find Schedule F, then click on each Asset Entry form below that to open those worksheets in the large window.

The amounts you entered for Prior Depreciation should appear on Lines 10 and 12. Check lines K and L (Special Depreciation) to be sure they are completely blank. Click Step-by-Step in the header to return to the main screens and run Review again.

If that doesn't resolve the review message, go back and enter zeroes in these boxes. If you still receive a Review message, you may need to delete these assets and re-enter the information.

Note that if a form has a red exclamation point next to the name or a field appears in pink, there is an error on that form. Click the Errors icon above the forms list to open a message box below the form. The error message will give you more information about the issue that needs to be resolved.

PatriciaVAnswer

Employee

Since you are working in TurboTax for desktop, you can review the Asset Entry forms for these assets. Open your return and click the Forms icon in the TurboTax header. In the list of Forms in My Return on the left, find Schedule F, then click on each Asset Entry form below that to open those worksheets in the large window.

The amounts you entered for Prior Depreciation should appear on Lines 10 and 12. Check lines K and L (Special Depreciation) to be sure they are completely blank. Click Step-by-Step in the header to return to the main screens and run Review again.

If that doesn't resolve the review message, go back and enter zeroes in these boxes. If you still receive a Review message, you may need to delete these assets and re-enter the information.

Note that if a form has a red exclamation point next to the name or a field appears in pink, there is an error on that form. Click the Errors icon above the forms list to open a message box below the form. The error message will give you more information about the issue that needs to be resolved.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"