turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

If I file Form 3115 for incorrect depreciation method used in two previous years which will result in additional income. How to make the calculations-adjustment. Will TT?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions

If I file Form 3115 for incorrect depreciation method used in two previous years which will result in additional income. How to make the calculations-adjustment. Will TT?

"How to make the calculations-adjustment. Will TT?"

 

TurboTax will make neither the calculation nor the adjustment (which is a negative 481(a) adjustment).

 

Professional guidance and income tax preparation is highly recommended when Form 3115 is necessary.

 

Form 3115 is included in the desktop versions of TurboTax but it must be prepared in Forms Mode and entries must be made directly on the form. I am not sure how the form is handled in any online versions, but it appears doubtful that the form can even be prepared in those versions. 

View solution in original post

1 Reply

If I file Form 3115 for incorrect depreciation method used in two previous years which will result in additional income. How to make the calculations-adjustment. Will TT?

"How to make the calculations-adjustment. Will TT?"

 

TurboTax will make neither the calculation nor the adjustment (which is a negative 481(a) adjustment).

 

Professional guidance and income tax preparation is highly recommended when Form 3115 is necessary.

 

Form 3115 is included in the desktop versions of TurboTax but it must be prepared in Forms Mode and entries must be made directly on the form. I am not sure how the form is handled in any online versions, but it appears doubtful that the form can even be prepared in those versions. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies