All Posts

I'm using TurboTax 2024 Desktop (PC) and can't e-file because of depreciation-related errors, even though I already paid the state e-filing fee. Last year, I ended one business activity and began a new one. Some assets (e.g., laptop) were legitimately transferred to the new business and should continue to be depreciated. TurboTax handles prior depreciation correctly for shared home office assets but seems to fail when entering business assets with prior depreciation. Even when using the same name, date placed in service, and original cost, the software either miscalculates the depreciation (if prior depreciation is left blank) or throws an error when the correct prior depreciation is entered. There is no option to override or resolve the error, and the e-file is blocked because of it. I need help clearing this error or a way to file without triggering it, since the TurboTax calculated depreciation amount is clearly wrong and claiming it would be inaccurate. Here are some screenshots to illustrate the problem.  126 is the correct amount (first image) and entering 0 as instructed provides an incorrect depreciation deduction.  There is not 436 (second image) left on this asset to depreciate.

I'm over 55 yrs of age, I contributed $27250 into my solo 401K, I am a sole proprietor LLC. I placed $23,000 on line 6a of the contribution worksheet and on line 6c the excess contribution of $4250. My profit is way more than the $23K. I am getting an error due to the $23000 contribution, it says must be less than that, I enter a lessor amount just to try and remove the error, it does not remedy the problem. Am I entering this contribution info in the wrong section? IS there a solo 401K entry and this is not it. The error casued an issue trying to electronically submit it.

I started an event planning business in 2024.  As I'm just getting started, I purchased items to make  decorations and items to give away at the events instead of purchasing ones already made.  I also raffle off some of these items at the event as a promotional, some are just giveaways for attending. Some I keep for the next event.   I have received several new bookings as the client said every time they looked at the item they "won" they thought about the event they had attended and wanted to book another event with me.    SO.   everything I'm purchasing, which category If I keep the item vs giving it away?  ie: table cloths, centerpieces, decor I create for a client's event, but I retain as they don't want them, bags of goodies, etc.  I'm just confused as to what constitute supplies vs misc. expenses promotional/advertising.    Thank You