topic Annual Election in Business & farm

Annual Election

PatVenture — Wed, 26 Feb 2020 20:45:20 GMT

What is an annual election? I am a photographer and purchase lots of small photographic equipment over the 2019 year. Are these the items that I should place on the annual election? Equipment that is over $2500 should be placed somewhere else?

Re: Annual Election

HelenC12 — Wed, 26 Feb 2020 21:26:38 GMT

Yes, items over $2,500 are assets and should be depreciated over the IRS recommended useful life.

Here are the entry instructions to enter an Asset (Depreciable assets have a useful life of more than a year & wear out over time, or otherwise lose their usefulness).

Type sch c in the search bar and click on Jump to sch c in the results box.
Either Edit or Review your business.
On the Here's your XXX info screen, scroll down to Assets. If you don't see Assets, click on Add expenses for this work , Less common expenses and check the box next to assets. Continue.
Back at the Here's your XXX info screen, scroll down to Assets and Start.
Continue with the onscreen interview until complete.

Re: Annual Election

elizabarf — Thu, 27 Feb 2020 05:18:43 GMT

Theres a bug in turbotax's system. I'm trapped in a loop. There is no field to enter annual elections. I keep going through the assets tab like the walk through suggest and end up back on the same screen where it says I haven't started assets. FIX YOUR SOFTWARE IF YOU'RE GOING TO CHARGE SO MUCH FOR IT. I didn't realize I would waste so much time with turbotax.