form 4562 error in suggestions for 1065 tax return

Forum|Forum|3 years ago
March 10, 2023
1 reply
14 views

Form 1065, Page 4, Line 12, Section 179 deduction, has an amount present without the corresponding Form 4562 included in the e-file. This will cause an e-filed return to be rejected. If you have an amount in the "Section 179 deduction [Adjust]" () field, without the Form 4562 being generated, you will need to either remove this entry, enter the needed input that would generate the form or file this return as a conventional paper return.

The error above keeps coming up and i tried this fix: but it still wont work

To force Form 4562 to generate when not required:

Go to the Input Return tab.
Open the Depreciation input.
Select the blue Misc.
Enter 1 in Form 4562 options: 1=yes, 2=no [Override

The form only generates when i go through the depreciation section, however i do not want to claim depreciation on the same property since it is less that the section 179 cap

ProConnect Tax

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Best answer by itonewbie

That's probably because you entered that as an adjustment instead of entering details of the assets, depreciation method, and 179 election under Ordinary Income > Depreciation (4562). That's how it should be reported on the return.

Removed your adjustment and use the depreciation input screen to enter all the relevant details. You should then be good to go.

itonewbieAnswer

Level 15

That's probably because you entered that as an adjustment instead of entering details of the assets, depreciation method, and 179 election under Ordinary Income > Depreciation (4562). That's how it should be reported on the return.

Removed your adjustment and use the depreciation input screen to enter all the relevant details. You should then be good to go.

---------------------------------------------------------------------------------Still an AllStar

M

Mary SASLLCAuthor

Level 4

Thank you so much. That is exactly what happened. I already figured it out though before seeing this response. But I am glad that i saw this because it lets me confirm that was the right way to do it.

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