topic depreciation in Deductions & credits

depreciation

pwshelley1 — Fri, 28 Jun 2019 19:38:24 GMT

emailed last week, wanting to use my own form 4562 and adjust the depreciation turbo tax is calculating vs what I have on my depr schedule. I was told I could adjust by doing an override in the asset entry worksheet but would have to probably print and mail. fine with that but still don't see how to do it. I can adjust my depreciation by using a shorter depreciation life and work it to it gets real close but everything pops up 39 years, how do I adjust or put in or change the useful life

Re: depreciation

Critter — Fri, 28 Jun 2019 19:39:44 GMT

This can only be done in the Downloaded version in the FORMS mode where you can overwrite the calculated amount.

Re: depreciation

Anonymous_ — Fri, 28 Jun 2019 19:39:58 GMT

@Critter wrote:

This can only be done in the Downloaded version in the FORMS mode where you can overwrite the calculated amount.

Absolutely correct. The only other alternative would be to select Intangibles, Other property and then select Other asset type where you can choose from a range of asset classes (see screenshot).

Re: depreciation

pwshelley1 — Fri, 28 Jun 2019 19:40:27 GMT

what is downloaded version

Re: depreciation

Anonymous_ — Fri, 28 Jun 2019 19:55:44 GMT

@pwshelley1 wrote:
what is downloaded version

Here --> https://turbotax.intuit.com/personal-taxes/cd-download/

As mentioned, the download version (i.e., desktop) must be installed and run on a computer and, unlike the Online versions, the download version has Forms Mode where you can enter/change figures directly on the forms.