Business & farm


@planetjr wrote:

and TTax in 2020 included a form ‘Spec. Dep. Allowance Elections under IRC Section 168(k)(7)’ that states I elected out of Qualified Econ. Stimulus property for 5 year property asset classes.

 

Are you SURE that election was made?  If so, there would be no need to amend to remove Section 179.  The problem only occurs if you use 179 and DON'T make the election to opt-out of Bonus depreciation.

 

When you go back through the vehicle information, did you double-check that you said you did elected out of Bonus? 

 

It looks like you are using the Windows version of TurboTax.  Go to the "Forms" and look for the vehicle worksheet.  On that worksheet, look for the area that is for the "Economic Stimulus" (or Special Depreciation Allowance).  Make sure that the elect OUT box is checked.

 

 

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