You'll need to sign in or create an account to connect with an expert.
You have unfortunately encountered a known bug. The fix will be in the Feb 17 TT/Calif update. If you can override that field the correct method is 150DB. Overriding may prevent you from e-filing, though.
You can also fix it by editing that asset in the federal return and for the question, Elect out of Special Depreciation Allowance, check No. That will, however, change the computed depreciation deduction upwards on your federal return if the asset was placed in service in 2016, lowering your federal taxable income.
You can continue preparing other aspects of your return in the meantime.
You have unfortunately encountered a known bug. The fix will be in the Feb 17 TT/Calif update. If you can override that field the correct method is 150DB. Overriding may prevent you from e-filing, though.
You can also fix it by editing that asset in the federal return and for the question, Elect out of Special Depreciation Allowance, check No. That will, however, change the computed depreciation deduction upwards on your federal return if the asset was placed in service in 2016, lowering your federal taxable income.
You can continue preparing other aspects of your return in the meantime.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jcd8852
New Member
wolf349982
New Member
jakeschrum138
New Member
1c98707ce2ff
New Member
mcr12121212
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.