How Do I Get Economic Stimulus Qualified Property To Be Checked ...
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newmanxevans New Member How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point. I'm trying to file and it won't let me until I check one. Topics: - TurboTax Self Employed Online
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11 Replies
VictoriaD75 Employee Tax Expert How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
Review the business asset section of your return. Review any assets added for the tax year you are completing your return. "Qualified property for Economic Stimulus" is property that qualifies for special depreciation deductions (Section 179 and Bonus Depreciation).
Material goods that generally qualify for the Section 179 Deduction
Please keep in mind that to qualify for the Section 179 Deduction, the equipment listed below must be purchased and put into use between January 1 and December 31 of the tax year you are claiming.
- Equipment (machines, etc) purchased for business use
- Tangible personal property used in business
- Business Vehicles with a gross vehicle weight in excess of 6,000 lbs (Section 179 Vehicle Deductions)
- Computers
- Computer "Off-the-Shelf" Software
- Office Furniture
- Office Equipment
- Property attached to your building that is not a structural component of the building (i.e.: a printing press, large manufacturing tools and equipment)
- Partial Business Use (equipment that is purchased for business use and personal use: generally, your deduction will be based on the percentage of time you use the equipment for business purposes).
Lj2020 Level 2 How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
I have the same problem. I did not choose yes to opt out and the program won’t let me change it l it has chosen all of my 3,;5,7, year properties to opt out l.i do have assets that meet all of he requirements. Can I just remove this form?
October 17, 2020 10:09 PM 9,923 Reply Bookmark Icon Lj2020 Level 2 How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
The question is how to choose NO to opt out of the election. TT Deluxe chose the opt out option for me and it won't let me change it to no. I do not want to opt. out. Please can anyone help me?
October 28, 2020 12:26 AM 9,889 Reply Bookmark Icon
Anonymous Not applicable How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
Economic Stimulus Qualified Property is any property that meets the following definition.
includes equipment and capitalized assets with a depreciable life of less than 20 years that is acquired and placed in service after September 27, 2017, and before January 1, 2023. so answer the question Y or N based on the above. you'll probably have to answer correctly to proceed. later, if you want, you can elect out of bonus and or section 179 depreciation.
I would say this is bad programming because if the acquisition, placed in service date, and depreciable life are answered about the asset before this question, TT should know the answer and not have to ask.
October 28, 2020 2:07 AM 7 9,885 Reply Bookmark Icon Lj2020 Level 2 How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
I did not. choose to opt OUT but TT DELUXE has the YES boxes checked. How do I change the boxes to NO?
November 1, 2020 9:25 PM 6 9,864 Reply Bookmark Icon Anonymous Not applicable How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
check yes. the if you want op-out of bonus and/or section 179 depreciation you can
November 1, 2020 9:36 PM 5 9,862 Reply Bookmark Icon Lj2020 Level 2 How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
I don't want to opt out but TT has the boxes checked YES and in forms I can't change it to NO.....how do I change it to NO?
Can I override it somehow?
November 2, 2020 2:15 PM 4 9,844 Reply Bookmark Icon Anonymous Not applicable How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
answer yes which won't affect your ability to take bonus or 179.
November 2, 2020 5:35 PM 1 1 9,838 Reply Bookmark Icon Lj2020 Level 2 How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
The previously depreciated That doesn’t make sense however it did give me the section 179=deduction..l
do you know how to get the program to enter all of my business assets in form 4797 sale of business assets and to figure the gain or loss and figure depreciation and recapture ? I retired from my home business and converted all of the assets to 100% personal use l I edited all of my assets and input all the information pertaining the the disposition b, however the program only entered 6 out of 20+ assets not fully depreciated yet.
November 2, 2020 8:33 PM 9,835 Reply Bookmark Icon
SS1119 Level 2 How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
You probably don't need this information anymore but I was having the same issue this year and I thought I should reply in case you never figured it out and you run into the same problem again in the future. Also, it may help someone else. I searched everywhere online and couldn't find the answer to this so I started messing around with the input on my own and here is what I did:
1.Switch from Step-by-Step to Forms on the top right of the TurboTax window (TT software not online)
2. Once in Forms look for Asset Entry and make sure that you select NO for Line 9a Economic Stimulus - Qualified Property. After selecting NO all other boxes under 9a (line 1,2, b, c, d, e, f, g) should automatically switch to NO. Line h (ELECT OUT of Special Depreciation Allowance) should be left BLANK. Do not select YES or NO. This should get rid of the election.
Hope this helps someone.
June 15, 2021 7:18 AM 1 1 9,383 Reply Bookmark Icon
Podes Returning Member How do I get Economic Stimulus Qualified Property to be checked "no"? It keeps telling me I have to select yes or no, but won't let me continue past that point.
This worked! We were able to get rid of the opt out form-- Electing out of the Special Depreciation Allowance. We had to go through the above steps for the both 'Assets Entry' and for 'Car & Truck Wks' before correcting the 'opt out' election was removed.
February 22, 2022 5:37 PM 1 8,064 Reply Bookmark IconStill have questions?
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