Here's where to find the items you requested in TurboTax Online:
To annualize:
- Navigate to Federal > Other Tax Situations > Additional Tax Payments > Underpayment Penalties > Start or Revisit
- Continue through the questions until you arrive at the screen Annualized Income Method, answer Yes, and Continue on the next 2 screens
- Now enter annualized info requested
To add an asset to depreciate:
- Navigate to Federal > Wages & Income > Self-employment income and expenses
- Edit the business or add if not listed
- Choose Add Expense
- Choose assets and continue
- Assets will appear in your list of expenses, choose the pencil icon to edit
- Say yes to "Any Large Purchases (Depreciable Assets)?" and continue
- Say yes to "Did you buy any items for any business, rental property and/or farm that cost $2,500 or less in 2024?" and continue
- You can choose to deduct them based on their cost of less than $2,500 if you have a consistent process to record expenses and assets. If you do, and want to expense them, choose yes. You are done. If not, choose no and continue.
