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

jcoghe2010 · ‎April 13, 2020

CatinaT1 · ‎April 13, 2020

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Bettyboop550 · ‎April 16, 2020

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 · ‎April 17, 2020

@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 · ‎April 19, 2022

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?

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