I've been using Turbo Tax Business for the past decade but in 2023, there are 100's of "Error Checks" to fill in "Special Depreciation Amount" for my depreciable assets

[info96]

I have not changed my prior year assets and in past years, these same assets never prompted this error check. Do I fill in "0" or is this just a glitch in Turbo Tax and should I ignore it?

[Anonymous_]

Please provide more details concerning the errors you are seeing.

If you took the special depreciation allowance (bonus depreciation) in a past year (or years), then the asset should not still be on the depreciation schedule; any such assets should have been removed from the scheduled and expensed.

[info96]

Thank you so much Champ! I really appreciate your help. So there are 350 entries that need additional info on form 4562. They range from my first entry in my depreciation and amortization schedule of a piece of equipment in 2012 with a life of 7 years that has been fully depreciated so the accumulated value is equal to the initial cost...to equipment that still depreciable value on it placed into service last year.  The errors are as follows:

   -"AMT Special Depr Allo. must be entered"   - Even for fully depreciated assets. 

   - With assets that still have depreciation value, it is first asking me for ""Special Depr Allowance must be entered" then followed by another error for the same asset "AMT Special Depr Allow. must be entered"

   -"Elect out Special Ded should be blank" - Even for fully depreciated assets

These are 90% the same assets I had on form 4562 last year and none of these errors came up and I did not change anything on the entries that now have errors.

Thanks again a ton, can't tell you how much your help is valued!

[Anonymous_]

That sounds incorrect and you should contact Support for troubleshooting.

How do I contact TurboTax? (intuit.com)

[info96]

Also, as I scrolled through all of the errors this error started popping up for assets:

First - "Prior Depr, Rglr Tax should be blank" (and there is a number in the "Regular Tax" and "AMT" Boxes next to the "Prior Depreciation" column

Then for the same asset- "Prior Depr, AMT should be blank" (and there is a number in the "Regular Tax" and "AMT" Boxes next to the "Prior Depreciation" column

Once again, erroring out on Assets that were exactly the same on last year's form and did not create any errors last year.

[info96]

Thank you again!

[info96]

You were definitely correct on a glitch in Turbo Tax. It ended up that I entered my info SO early before any updates that when forms 4562 were updated, they did not update correctly NOR import my old assets correctly. Sadly, I had to redo my taxes completely, about a days work but it was worth it and upon importing my 2021 taxes into a more current updated copy of Turbo Tax that was directly downloaded from their site, non of these errors occurred. Lesson learned, don't jump on taxes too early, let the really important updates become available before entering.