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How do I import a word document or pdf with a IRC 168(k)(7) election on it or get a blank page within turbotax to input the election information?

 
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1 Reply
rjs
Level 15
Level 15

How do I import a word document or pdf with a IRC 168(k)(7) election on it or get a blank page within turbotax to input the election information?

You don't create your own election statement. When you enter an asset that qualifies for the Special Depreciation Allowance (Qualified Economic Stimulus Property), TurboTax asks you whether you want to spread the depreciation deduction over several years or deduct the full value this year (take the Section 179 deduction). See the screen shot below. If you select "I'll spread the deduction over several years" TurboTax will automatically create the Section 168(k)(7) election statement and include it in your tax return. The interview never specifically mentions Section 168(k)(7) or the election statement, but you will see the statement when you print your tax return.

 

Sec 168(k)(7) election.png

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