How do I correct the amount of a fixed asset?

[AEI1]

I entered the wrong dollar amount and I need to fix it. How do I correct the amount of a fixed asset?

[LenaH]

To correct the amount of a fixed asset (assuming it was put into service in 2024), you have to go into your Schedule C.

Please follow the instructions below in TurboTax Online:

1. Open or continue your return.
2. Navigate to the Schedule C section:
   • TurboTax Online/Mobile: Go to Schedule C.
3. Click Review to enter your Schedule C data.
4. Click the pencil next to Assets.
5. Click on Yes, I want to go to my asset summary.
6. Select the asset you need to edit.

Please follow the instructions below in TurboTax Desktop:

1. TurboTax Desktop: Search for schedule c and select the Jump to link.
2. Click Edit to enter your Schedule C data.
3. Continue through the screens until you reach, Business Expenses.
4. Click on Assets and Depreciation.
5. Click on Yes, I want to go to my asset summary.
6. Select the asset you need to edit.