ThomasM125
Expert Alumni

Deductions & credits

As far as depreciation is concerned, you can add the assets and when you answer the questions regarding cost, date put into service, bonus or section 179 depreciation taken, etc. TurboTax will calculate the correct depreciation deduction for the current year and going forward. I'm not sure what kind of loss carryovers you have, but as you work through the program you will see options to enter your loss carryovers by type. For instance, when go through the qualified business income deduction (QBI) section, you will be asked to enter any QBI loss carryover you have from the previous year.

 

To transfer other information from the previous year, you just need to go through the sections in TurboTax that pertain to the information you need to enter and answer the questions.

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