Depending on the description you entered for the asset, TurboTax classified the asset as a 5-year class. You should go back to the description and class you picked. This is the only way you could change the asset depreciable years. You would only be able to change the classification would be if it is the first year the asset is placed in service. The classification and number of years depreciated are based on guidelines set by the tax rules and you cannot pick and choose. The asset has to fit within a specified class established by the IRS.
To Enter or Edit/Review Business Assets in TurboTax please follow the steps below:
- Log into TurboTax Online and access your Tax Return through the Timeline
- From your Welcome Page in the upper right-hand corner find the Search Box and type Schedule C (capital S and C) hit enter and from the search options click on Jump to Schedule C
- Then (assuming your business has already been set up in TurboTax), you'll want to click Edit next to your business and then scroll down to the Business Assets topic and click on Start (or update) and you will be able to begin entering your new asset.
TurboTax will walk you through the process. If you have any questions or hit some snags along the way, feel free to request for help on this thread.
@sadams1968 [Edited 2/26/2022 4:58 PM PST]
