Deductions & credits

Following up...

 

I 'solved' my own situation but I don't like the solution. In my case, this is the first year I'm using TT. I entered my asset cost and service date and there should have been 8.5 years of SL/27.5 depreciation. The annual figure is 8,779, so this means that the total thus far, entering 2021, should be 241,426/27.5*8.5 = 74,621. But when I was entering the asset, TT showed me a slightly lower figure of 74,256. Given that the error this year between their 8,760 and the correct 8,779 is only $19, 8.5 years cannot account for around $400 of error. BUT... when I went back and put their incorrect 74,256 figure in, rather than my correct 74,621, it spat out the correct amount for this year, namely 8,779.

 

So, OP, I'd ask: did you override the previous depreciation figure that TT calculated, and replace it with a correct figure? If yes, then try going back and replacing your correct figure with their incorrect one and see if that, at least, gives you an accurate figure for 2021.

 

Good luck.