Calculating "Amount of Depreciation Taken in Prior Years"

First time using TurboTax after using CPAs the last few years. I'm trying to enter my self-employment business assets (computers and camera equipment) based on the previous years' worksheet "2021 Depreciation and Amortization Report."

I'm not 100% sure I have the correct numbers for "Amount of Depreciation Taken in Prior Years." Here's a simplified example of the 2021 worksheet I have from the CPA, with a couple of line items:

Description	Date Acquired	Unadjusted Cost or Basis	Reduction in Basis	Basis for Depreciation	Beginning Accumulated Depreciation	Current Year Deduction	Ending Accumulated Depreciation
Lens	12/21/2016	1162	581	581	435	58	493
Camera	12/31/2019	1112		1112	318	227	545

Is the "Amount of Depreciation Taken in Prior Years" in TurboTax the same as the "Ending Accumulated Depreciation" in the table above from 2021?

Thanks in advance, I appreciate any help with this! 🙂

729

Expert Alumni

Mar 20, 2023 6:28:36 AM

Yes, you are correct. The final column "Ending Accumulated Depreciation" from 2021 is the "Amount of Depreciation Taken in Prior Years" for TurboTax 2022.

Level 1

Mar 20, 2023 12:14:31 PM

Excellent, thank you for confirming that! 🙂

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Calculating "Amount of Depreciation Taken in Prior Years"