Ask a Financial Software Question, Get an Answer ASAP!
Hello and thanks for your TurboTax question today. I am Randall and I am specialist in helping with this program (although this is NOT a TurboTax website)
Can you please provide me the following information:
1. Please tell me the exact error message you received.
2. Which version of TurboTax are you using (Online, PC< or MAC)
I am using windows xp
as stated in my question it tells me
form 2106 adjustments wks. depr smart wks, line D must be entered
Which version of TurboTax are you using today? Online (Internet) or Desktop software?
Are you using Forms Mode where you can see all the forms? Or just working in Interview mode so far?
I have been using both
And which version of TT are you using today...Deluxe, Premier or Home & Business?
(Icon is top left corner of your program screen)
Home & Business
Now if you are not already in Forms mode, please click the icon in the top right corner to go to Forms mode
ok I am there
Just below the TUrboTax icon on the top left is Stop Sign icon marked Errors. Can you please click that once.
It should show an error at the bottom right and take you to the first error
Did form 2106 Wks come up?
more specifically the Form 2106 Adjustments Worksheet
yes it has but I do not understand what the amount for line D in the depr info smart workbox
So you have a red box on line D of the "Depreciation Information Smart WOrksheet"?
OK. So if you move your mouse over that field you should see a PLUS to the left of the field. Please click that and tell me what happens
last year I had 5663.00 from section 179 as a carryover
Let's see if that makes "tax sense"
it opens the worksheet windo
Did you have a LOSS in your business last year?
yes with all of the investments into new equip
Was your business a Schedule C (Sole proprietor), or did you have a Schedule E with income or loss from a partnership or S-Corp?
Schedule C (Sole proprietor) LLC
Did you (or your spouse) have any income from wages in 2011 or from any other activity where you were an active participant (in other words, another business)?
Yes my wife works her normal job and I am on disability
she gets w2 each year
Was your wife's wages more than $5663 last year?
oh yes about 19k
And approximately how much equipment did you deduct in 2011 as Section 179 expense?
looks like around 2000.00
Earlier, you said that the carryover was over $5600
that was the carry over amount
I am really not as organized as I would be because ofXXXXXcrashes this year
So it sounds like you make very little profit (if any) not including these Section 179 deductions to begin with.
not yet as I stated I am on disability and have been starting an internet business when I used to be a master auto tech
many new things to learn'
OK. So you probably are not using depreciation effectively and one of the rules of Section 179 is that you must have a profit to reduce in order to expense assets (deduct the cost in the first year). SInce your profit for several years is insignificant, taking a Section 179 is not doing you any good. You probably should be using regular depreciation methods.
If you are not familiar with how depreciation works, I would recommend taking your last few years returns to a tax pro in your area.
In the meanwhile, we can deal with 2012 now.
So, if you correct the prior years returns so that you have no Section 179 deductions, you would therefore have no need for a carryover. So we are going to delete this item form your return.
If you are still on that 2106 ADJ WKS, there is a button at the bottom left of the form says DELETE FORM. Go ahead and click it.
Does that make the error go away?
ok I have done that and rerun error checker and found no errors...
Great. So we have resolved your 2012 issue?
yes sir thanks so very much
OK, glad I could help.
again thanks so very much
Have a great day!