In TurboTax Online, you will need TurboTax Self Employed to make this entry.
To enter 179 deductions, please first make sure your
assets are eligible by reviewing
these
guidelines.
Then,
take the following steps to enter them:
- Click on My Account in
the blue bar at the top
- Click on Tools
- Click on Topic
Search
- Search for Schedule
C and
then click on Go
- From this screen,
you will see one of two things:
Here's the business info we
have so far - Click Edit next
to your business name. Then, scroll to the Business
Assets section and click Start/Revisit/Update.
You'll see Any Large Purchases
(Depreciable Assets)? Answer yes.
Answer Did you buy any items for any
business, rental property and/or farm that cost $2,500 or less in 2016? Answer Did you make improvements to a building you used for
this business in 2016? You may see a few other screens, but when
asked Do you have any items for this
business that aren't covered by your elections? you would select Yes. You will answer questions about your
assets in general and be asked to enter the cost and date purchased. Finally,
you will see a screen titled How Do You
Want to Deduct this Item? (see screenshot below). On this screen you will categorize the asset
as a 179 deduction.
Here's your work summary - Click Edit next
to your business name. On the next screen, click the button to Add expenses for this work. Next, you will see Add expenses
manually. Select the
button for Assets: Larger purchases (usually more
than $200), such as computers, furniture, or equipment. You will answer questions
about your assets in general and be asked to enter the cost and date purchased.
Finally, you will see a screen titled How Do You
Want to Deduct this Item? (see screenshot below). On this
screen you will categorize the asset as a 179 deduction.
If I can be of more help, please comment back.