2022 TurboTax Business; 1120-S; Errors on LOTS of Federal Asset Entry Worksheets

[Digger109]

2022 TurboTax Business - Desktop

Filing an 1120-S

TurboTax is indicating errors against over 300 Federal Asset Entry Worksheets!

In every such case, the problem is with said worksheet's Elect OUT of Special Depreciation Allowance line, with the No option being X'd. If I deselect said option (thereby removing said X), the error notice goes away.

I pulled up my 2021 version of TurboTax business and, for these "problem" assets, there are NO boxes checked against said Elect OUT of Special Depreciation Allowance line.

Somehow, apparently, said option became selected magically when the 2021 data were moved into the 2022 version of TurboTax Business!

FWIW, in 18 years of using this product, I have never invoked the special depreciation allowance...

Please help!

UPDATE: I have determined that the problem most like arose when I mistakenly clicked the Skip Election button on the Election to Not Claim the Special Depreciation Allowance page.

Although I've since gone back to correct this mistake, the subject errors persist...manually correcting each one seems a terrible price to pay for a simple error...

[tagteam]

You might try transferring in your 2021 file again for the 2022 program after ensuring that your 2021 file does not contain any errors.

Otherwise, you can contact Support via the link below.

How do I contact TurboTax? (intuit.com)

[Digger109]

I'm ready to file...starting over is not an option at this point.

[tagteam]

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@Digger109 wrote:

I'm ready to file...starting over is not an option at this point.

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I understand, but then is your only other option manually correcting each entry?

[Digger109]

Thanks for your interest!

I guess that's what I'm asking about. I'd like to know if there is a quick way out of the predicament I've blundered into.

[tagteam]

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@Digger109 wrote:

I guess that's what I'm asking about. I'd like to know if there is a quick way out of the predicament I've blundered into.

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I'm not sure there is a quick way out. Support may have an idea but, frankly, it is not likely.

You can always try to do another transfer (2021 - 2022) and not save that file (i.e., be careful not to overwrite your current tax file) to see if it works properly. Beyond that, I don't believe there's a magic bullet.

[Digger109]

There is no problem with the transfer of 2021 data to the 2022 program - I've verified that. The problem lies with my inadvertent choice when it came to the Special Depreciation Allowance question...

[tagteam]

You made that election for each asset?

[Digger109]

What happened was, over the years I've entered various assets. Some qualified for special treatment wrt the special depreciation allowance, but most didn't.

Unfortunately, all of those that didn't are now requiring a laborious clearing of errors...I guess claiming the special depreciation allowance applies to all entered assets, all at once. The ones what never qualified in the first place for such treatment are now indicating errors.