No, to correct the error, "the elect out of SDA should be Blank", delete the Asset Entry Worksheet for the asset that is not Qualified property.
IRS Pub. 946 pages 22-23 states, "You can take a special depreciation allowance to recover part of the cost of qualified property placed in service during the tax year. The allowance applies only for the first year you place the property in service. The allowance is an additional deduction you can take after any section 179 deduction and before you figure regular depreciation under MACRS for the year you place the property in service.
Qualified property is one of the following.
• Qualified reuse and recycling property.
• Certain qualified property acquired after September 27, 2017.
• Certain plants bearing fruits and nuts."
To enter Special Depreciation for an asset, follow the steps below:
- Open TurboTax.
- Federal > Wages & Income > Self-employment income and expenses.
- Edit/Add.
- Select line of work>Edit.
- Expenses >Asset>Start.
- On the screen, "Any Large Purchases (Depreciable Assets)? > "Yes".
- On the screen, " Did you buy any items…", > "No".
- Continue.
- On the screen, "Describe This Asset", select the option.
- Continue answering questions.
- On the screen, "How do You Want …)?, select of depreciation.
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