This is on TT business edition to create Form 1065 for partnership.
I used to use TT business to create tax return Form 1065. For 2024 I transferred data from 2023 file. This will be the final report and I disposed the properties. At Federal Review\Error check, there were many errors on Federal Asset Entry Worksheet starting with the checkbox "Economic Stimulus - Qualified Property" because neither "Yes" nor "No" was checked.
When I compared the Federal Asset Entry Worksheet in 2023, I saw the checkbox was checked with "Yes". Please refer to the attached screenshots.
This seems to be data migration issue. But how do I fix the errors?
This could be a data migration error, as you mention. Or, you may want to review any entries pertaining to this asset in your return.
Can you check the Yes box directly on the Federal Asset Entry Worksheet in FORMS mode?
Qualified property for Economic Stimulus is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).
Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.
This could be a data migration error, as you mention. Or, you may want to review any entries pertaining to this asset in your return.
Can you check the Yes box directly on the Federal Asset Entry Worksheet in FORMS mode?
Qualified property for Economic Stimulus is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).
Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.
Thank you!
I tried to check the Yes box on the Federal Asset Entry Worksheet, as suggested. That resolved many related errors. But there was still one error at California Asset Entry Worksheet, "565 Depr Opt -- Asset Entry Worksheet: Prior Depr, Rglr Tax must be entered. If none, enter zero."
These values were empty in 2023. But in 2022 Rglr Tax was $719 and AMT was $679. How to resolve the error?
Those pink boxes are data entry points for this worksheet. You can enter the number directly into the box.
For future reference, whenever you see the plus sign next to a box you select, it is a box you can type into directly.
If you need to know where a number is coming from, you can right click and select data source.