I have my 2016 and 2017 tax forms in front of me. I see a few discrepancies that if I can get corrected may help me move forward with the issues I have with the taxes. I do have the software for 2017 Turbo Tax Home Business. I cannot find the Turbo Tax software for my 2016 taxes. I only have the Turbo Tax printout of the 2016 taxes on file. I don't understand why the software is called 2017 Turbo Tax Home Business. I work as a music therapist at nursing home and at two adult daycare centers. I receive 1099 MISC forms for working at those locations. I do use my home to do preparation and computer work required to do my job. So I don't understand what the home part of the Turbo Tax software is.
For 2016 through Turbo Tax, I placed for that year, $3,545 on 5-year property and $19,762 on 7-year property. Turbo Tax deducted $3,531 for depreciation for that year. I did my taxes 2015 my taxes through Turbo Tax but I did not take out any depreciation that year because I only had W-2 forms and had no 1099 MISC forms. Turbo Tax did give me a 2016 printout of titled "Special Depreciation Allowance Elections under IRC Section 168(k)(7) and IRC Section 168(I)(3)(D), Election Out of Qualified Economic Stimulus Property" that confuses me and appears that it could be a problem for me. It states that the "Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the following asset classes placed in service during the tax year ending: 12/31/2016 for both 5 Year Property and 7 Year Property. How did Turbo Tax come by this form and how has it helped or hurt my taxes?
Now in 2017, Turbo Tax Home Business did not deduct any depreciation carryover from 2016 and calculated that I owed $25 federal tax. I did have a major problem with Turbo Tax 2017, including a W-2 form which I did not receive in 2017 but I did receive one in 2016. I had a problem trying to delete the W-2 form with no data on it on the 2017 software. On my completed 2016 federal form, I received a $2,841. refund.
When I went ahead and completed my federal 2017 form without the 2017 Turbo Tax software, I included $5,974. as a second year deduction for 5 and 7 year property placed in service in 2016. I mailed in my return two weeks ago and am expecting an $875.11 refund.
Can you help me get the depreciation issue straightened out in the 2017 Turbo Tax software.
Thank you.
