Here is a guide for how to go about entering depreciation into TurboTax in order to duplicate the entries that have been made on previous returns to continue the same depreciation.
- Start from the Schedule C or Schedule E section of your return until you get to the Assets/Depreciation section.
- Proceed to the point where you are adding an asset on the page titled Describe This Asset.
- In order to enter the asset exactly as it has been reported in the past, choose the last option on the list, Intangibles, Other Property, then click Continue.
- On the next page titled, Tell Us a Little More, select Other asset type, then click Continue.
- Enter the detailed information about the asset: description, cost, date purchased or acquired. Click Continue.
- Move forward with additional details on the next screen, then click Continue.
- Select the appropriate Asset Class, then click Continue.
- Choose the MACRS Convention, then click Continue.
- Select the Depreciation Method, then click Continue.
- Answer the question regarding Listed Property, then click Continue. There may be some additional background questions as well, keep going.
- You will eventually come to a screen to confirm the Prior Depreciation, enter the data and click Continue.
- Finally, you will see an Asset Summary screen with the current year depreciation amount listed. There is also a check-box here to Show Details. This will open a full description for the asset so you can verify that it matches the previously reported information. If it does not, you can choose to go Back and re-enter the data that needs to be changed.