Hello @ThomasM125:
I entered an Investment Asset Depreciation last year on TurboTax Premium online and this year, as
TurboTax Premium online reviews my forms, it discovers an issue and states that an item needs to be reviewed and takes me to the Asset Entry Worksheet (for 2024) and states I need to enter the Special Depreciation Allowance Deduction. Note that this is for a computer that I used 15% of the time (i.e., percentage of business use) last year and I still own it.
When I navigate directly to this entry on my state return, this is the message at the top:
Prior Year Depreciation (for my computer)
Because this asset was placed in service in a prior year and a 30% or 50% bonus depreciation allowance was taken, we are unable to calculate the prior California depreciation.
And these fields to enter:
- Prior Year Depreciation
- Do I enter the deduction reported on the state Depreciation and 2023 Amortization Adjustments form 3885A?
- AMT Prior Year Depreciation
- Not quite clear on this yet...
And these are some of the values I have (and most are editable):
-----------------------------------
Original Cost of computer: $3,678
Regular Deprecation Section:
Depreciation Type selected: MACRS
Depreciation and method selected: 200DB
MACRS convention selected: HY
Recovery period period: 5.0
Year of depreciation: 2
Depreciable basis: 552
Alternative Minimum Tax Depreciation Section:
AMT depreciation method: 150DB
AMT recovery period: 5.0
AMT depreciable basis: 552
Eligible Section 179 property?: [Not selected on the worksheet]
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Please help me understand why TurboTax is not able to calculate this and if known, how do I go about calculating this, if I should adjust any of the pre-selected values on the state worksheet or if I should just leave the Special Depreciation Allowance Deduction blank?
Thanks so much,
H
