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jcoghe2010
New Member

Election Out of Qualified Economic Stimulus Property Attach to your income tax return Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the foll

 
4 Replies
CatinaT1
Expert Alumni

Election Out of Qualified Economic Stimulus Property Attach to your income tax return Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the foll

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Bettyboop550
New Member

Election Out of Qualified Economic Stimulus Property Attach to your income tax return Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the foll

 

 

What does Election out of Qualified Economic Stimulus Property mean? Don’t know how this got attached to my  tax return. Does this mean I won’t get a Stimulus check of $1200?

AmeliesUncle
Level 13

Election Out of Qualified Economic Stimulus Property Attach to your income tax return Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the foll

@Bettyboop550 

That has nothing to do with the stimulus and will not affect it.

 

That statement is because you told the program that you want the depreciation for the "asset" to be spread out over several years, rather than taking it all at once.

CCSem
Returning Member

Election Out of Qualified Economic Stimulus Property Attach to your income tax return Taxpayer hereby elects under IRC Section 168(k)(7) out of having Qualified Economic Stimulus property for the foll

I got this on my documents, too, and mine says "7 year Property" I have no recollection of agreeing to "opt out" of this and do not even remember the screen in my TurboTax process. How do I "opt back in" to get the whole stimulus payment now?

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