1208421
I am unable to fix this error in the online version and it is preventing me from filing my taxes. I have deleted the NY return and done it from scratch. I do not know where this error is coming from. Any help would be appreciated.
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I am having this error in filing my taxes for 2020....
IT-398 Part II - New York depreciation should not be greater than federal depreciation amount.... I dod not know how to fix this error....please help
You should be able to see the entry causing the review error. Please see which of the below apply to your situation:
In some cases, assets transferred to this form may not require an adjustment. For example, the following assets will transfer to this form, but do not require a New York adjustment:
- Resurgence Zone Property and New York Liberty Zone Property (described in IRC section 1400L(b)(2))
- a Form 2106 asset related to a Form 2106 that contains both qualified performing artist expenses and expenses to be reported on Schedule A, and the asset was solely used for the qualified performing artist related expenses.
To identify an asset as one that does not require an adjustment, on the federal worksheet the asset was entered (i.e., asset entry worksheet, etc), check the "No" box for the "Include asset in state return" question in the "State Depreciation" section. Checking the "No" box will prevent the asset from transferring to the state return.
NOTE: Assets used on Federal Form 2106: Employee Business Expenses are included on this line in their entirety if any portion of the 2106 expenses in the current year are for armed forces reservists, qualified performing artists, or fee-basis public officials, and thus appear as an adjustment to income on Federal Form 1040/1040-SR, page one. The amount on federal or New York depreciation on this line may need to be adjusted if either:
- the asset has not been used exclusively in the above activities in one or more years, or
- the asset has been used in such activities in past years but not in the current year.
I am having the same issue, and it will not let me edit the line number on the IT-398.
I was able to edit the Federal Form that fed this value, but the new value of 0 on the fed form is not feeding over
I am having this problem too. As far as I can tell form IT-398 is being erroneously generated. I have a 27.5 year straight-line depreciation property. This form appears to be for accelerated depreciation allowed by the Fed but not by the State of NY. My property does not qualify for this type of depreciation (section 168) and I have no idea why TurboTax generates the form, let alone where the numbers came from. I could not edited the values or delete the form. Also, I was unable to find in the place in the work sheets to tell TurboTax to ignore the asset for state tax purpose referenced by a previous post.
Here's a screenshot of the Asset Entry Worksheet where you can opt not to include the asset in your state return.
[image removed for PII]
Hi there! So glad you posted this response I'm having the same problem and I see your screenshot of the worksheet where the correction can be made but can't find that page/sheet in TurboTax. Can you tell me how to get to the page so I can make the correction?
Thanks k so much!!
Chris
Hi,
Were you finally able to fix the problem? We’re having the same problem and we can’t find the solution. TIA!
@MarilynG1 I am having the same issue. Can you please indicate where to make this change? Thanks!
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