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jlfagan69
Returning Member

Turbotax Business-1120S- depreciation method/convention differences from prior year & AMT calc

I used Turbotax in 2022 as an LLC partnership (1065).  We changed to file as S-Corp for 2023 (1120S), so I had to re-enter everything into Turbotax.  I had to re-enter all of our fixed assets (over 150 of them).  Some of the depreciation conventions for prior year assets changed from mid-quarter to half-year.   Also, for AMT Depreciation, in past years, the regular Deprec. report and the AMT Depr. report were showing the same method/convention used for calculations.  Now the reports show, for prior years' assets-for the same asset: 150DB/HY on the AMT report and 200DB/HY on the regular deprec. report & it is calculating AMT adjustments.  It was never like that in prior years.  It seems like maybe the half-year convention is being chosen based on all of the previous years' (2018 through 2022) asset dates in service or something.  1.  Can I change the prior year method/conventions to what it was using in prior years?   2.  Why is the deprec. method different on the AMT report (different than what it was in prior years, different than the regular depr repot)?

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1 Reply
DavidD66
Expert Alumni

Turbotax Business-1120S- depreciation method/convention differences from prior year & AMT calc

I can't explain why the depreciation conventions changed.  You can make changes to depreciation convention, accumulated depreciation, current depreciation expense, etc. by going to the Asset Entry Worksheets.  You can adjust regular, AMT, and state depreciation.  You can also access a QuickZoom link to change depreciation conventions for all assets put in service in the current tax year - scroll to the bottom of the worksheet, under Additional Asset Details.  To access the Asset Worksheets, navigate to your Assets, and select an asset to edit.  Switch to Forms View by clicking on the "Forms" icon in the upper right of your screen.  

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