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I've entered a computer on the Asset Entry Worksheet which was purchased 09-04-20 for $871 and it is not calculating any depreciation $0. The asset life history shows basis of $871 and depreciable basis of $0 with 200DB and 5 yr Life. Is there a glitch with the software?
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Is it claiming 100% Bonus Depreciation, thereby leaving $0 of depreciable Basis?
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No, nothing is populating in the bonus depreciation or depreciation deduction field.
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Then it could be a glitch. I read the TurboTax is having some problems with depreciation not calculating, and the tax-programming of ProSeries uses the same 'tax engine' and TurboTax, so it could be the same problem.
You could test a few things out if you want:
- Delete the Asset Entry Worksheet and enter it again.
- Enter the same information for a Schedule C. Does it work? If so, keep the Asset Entry Worksheet and 'move' it to the 2106 (it is one of the options in the top menu bar).
- Go through the error check/review to see if some weird error is holding it up.
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It's working on the Schedule C. I don't see where to move it to the 2106 in the top menu bar though.
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While on the Asset Entry Worksheet, go to "Forms", the "Change Activity".
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When I did that, the expense is not flowing into the 2106 and there are no depreciation reports populating under 2106. The $871 expense is showing on the Schedule C.
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Same problem....no depreciation calculated for 2106 or Misc. deduction...program glitch? Tried the 'change activity' it worked in Schedule C but disappeared when switched to 2106.
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You won't be having the same issue, because you posted in a topic from Jan 2021 for preparing a 2020 return. I would expect you are preparing a 2021 return, so you are using different software than existed for the prior year. It helps to start a current topic, use the title to your advantage to get attention, and the Reply/Content box is where you put the details of your taxpayer, including if you are using that form because this is for a specific State.
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