How to change depreciation on a Sch C

[missya2j]

Hello.  I have used Turbotax for years and when I loaded 2021 Turbotax, it did not find my 2020 tax return to be able to pull it over to the current year.  I've searched my computer for it and it has all the other years, just not 2020.  So thankfully, I have the printout and am just manually entering 2020 taxes again in Turbotax.  The schedule C is not matching up though because now it is showing current depreciation of $599 on the one asset I have listed but last year when I did my 2020 tax return, it only showed $360.  I can't figure out how to manually change the $599 that Turbotax is now showing for 2020 to $360 to match the tax return that was actually filed for 2020.  Any suggestions or fixes??  Thanks so much!

[PatriciaV]

Check to see if you took Section 179 or bonus depreciation in a prior year. Also, confirm that the depreciable basis (not the cost amount) is the same as last year. Those are typical problem areas when re-entering assets for depreciation.

If you are unable to find the error, it may be easier to use chat or phone support where they can screen-share and walk you through the entries. Here's the link: https://support.turbotax.intuit.com/contact/

[missya2j]

Thank you for your reply.  The asset was placed in service on 12/11/19 and I did not take any section 179 or bonus depreciation.  The depreciable basis is the same as 2019.  When I started to re-enter my tax info for 2020, it pulled my 2019 tax return over and the prior depreciation for 2020 matches what the current depreciation for 2019 was so that is not the problem.  I just can't understand why now the current depreciation for 2020 is showing $599 instead of $360 which is what it was when I actually filed my 2020 tax return last year!  I called Turbotax & was on the phone for over an hour and the lady, although very nice, was unable to help me resolve this issue.  She said I would need to chat with a live agent but couldn't tell me where to go to be able to do that. She did tell me that her OCS said you can not manually change the depreciation amount. This is beyond frustrating!!  

[PatriciaV]

What version of TurboTax are you using? TurboTax Online has a chat bubble in the lower left-hand corner. If that isn't available, you would need to upgrade to TurboTax Live in order to have the assistance of a live agent. TurboTax CD/Download doesn't include any support other than this forum and the phones. If another solution arises, I'll add to this post.

[missya2j]

I am using Turbotax Home & Business for MacBook Air.  I installed it from the disk.  Yes, unfortunately, I found out after calling Turbotax today that it doesn't support the Turbotax live or chat. :(  Thanks again for your reply.

[ThomasM125]

It is possible that you chose a different class of asset in 2020 than you chose on the original return. For instance, if you chose Computer equipment instead of Tools and machinery, you are going to get a different depreciation deduction than on your original return. 

[missya2j]

Thank you for your reply.  When I re-entered my 2020 return, I still had Turbotax pull over my info from my 2019 return so I actually didn't have to enter anything for the assets.  The only way I see around this is just to leave the 2020 return incorrect on my computer and when I do my 2021 return, change the prior depreciation to what I actually filed for 2020.

[DianeW777]

You should change the prior depreciation figure as you indicated to reflect the actual depreciation used on that particular asset.

Without knowing what the asset is and what class life you actually used as well as the date placed in service it's difficult to give specifics. However, below are some images that show the asset entry information.