Balance Sheet accumulated depreciation error for EOY

Forum|Forum|3 years ago
April 18, 2023
1 reply
0 views

I had to reinput my balance sheet information. Turbo Tax is showing the same EOY accumulated depreciation as what I input for beginning of year. It is not adding 2022 depreciation to the EOY amount. It is not possible to change this number. Why isn't the program adding the depreciation for the year? It works fine for accumulated amortization and the deduction amount is correct.

TurboTax Business Windows

ThomasM125

The current year depreciation should be added to the prior year accumulated depreciation to arrive at the end of year accumulated depreciation. You need to verify that you have depreciation in the current year, by looking at the depreciation entry on your tax return, which is usually listed on page one of the business return.

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

JManning4Author

The depreciation deduction on the tax return is correct. But the Balance Sheet is wrong. The beginning of year accumulated depreciation is correct, but the end of year amount is not calculating properly. It is not adding the 2022 expense to the total accumulated amount.