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Level 7

Disabled Access Tax Credit and Section 179 - TurboTax Home & Business Download version 2019 taxes

I am not sure how to enter the following transaction in TurboTax Home & Business 2019 (DOWNLOAD):

TurboTax Advantage member.

 

Scenario:  Self-employed business

                    Purchased a piece of equipment that qualifies for Disabled Access Tax Credit (IRS Sec. 44).

                    Purchase price (includes tax and shipping) - $11,500

Questions:

1) Is the Disabled Access Tax Credit  still valid for 2019 under the new tax laws?

 

2)  Is Form 8826 still used to claim the tax credit?  If so, where is this form in TT H&B 2019?

 

3)  Normally, for a fixed-asset purchase, I would enter the asset in TT H&B and then Section 179 to depreciate the entire amount in the year purchased.  If I used the Disabled Access Tax Credit -- how do I enter the asset in the Fixed Asset schedule in TT and what amounts do I use?  

For example:

Purchase price (tax and shipping included):                  $11,500

Excludable amount:                                                                  - 250

Allowable expenditure:                                                         11,250

Max allowable expenditure:                                                  10,250

   50% Disabled Access calc:                                                    5,125

    MAXIMUM DISABLED ACCESS CREDIT ALLOWED        5,000

 

If I understand the Disabled Access Credit, using the above scenario, I should be able to take a Disabled Access credit $5,000 deduction.

 

Since the equipment cost exceeds this credit, what amounts do I enter in TT H&B to record the asset purchase and use Section 179 for business property expensing?

2 Replies
Level 8

Disabled Access Tax Credit and Section 179 - TurboTax Home & Business Download version 2019 taxes

the credit is still valid and form 8826 is used....TT for 2019 is brand new and maybe the form is not included yet.

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Level 20

Disabled Access Tax Credit and Section 179 - TurboTax Home & Business Download version 2019 taxes

Form 8826 is not in the TT program.