error on 4562 re Section 179

Forum|Forum|5 years ago
April 30, 2021
3 replies
20 views

Trying to get rid of error from a Section 179 from a Partnership. I went to Box 12: Section 179 deduction -- like the directions said -- to enter the allocated Section 179 but it was already there and I still have the error?

ProSeries Professional

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dkh

Level 15

What is the error message ? Is it a state allocation problem ?

J

jtbairdtax

Level 2

Same problem - but mine is related to the prior year carry forward of 179 and zero calculated is what is available this year due to losses. Cannot seem to find where to "allocate" the zero.

dkh

Level 15

@jtbairdtax Use the Quickzoom below Line 12 on F1065 K1 within F1040. enter zero on Line 2 - Sec 179 allowed per current year F4562 (there will already be the amount from the K1 but enter zero) . This will get rid of your F4652 error

L

LB56Author

Level 4

error still there

dkh

Level 15

I've looked at one of my clients F1040 w K1 from F1065 , I was able to create the message you are getting. Sec179 is greater than income which can only happen if you have other business activity that has a loss greater than income on the K1 or the F1065 that the K1 was issued from was not done correctly. Is K1 income greater than line 12 Sec179?

L

LB56Author

Level 4

It's coming from a 1065 K-1 (income 10,680 Section 179 deduction 3723) and an 1120 K-1 (income 108 Section 179 deduction 38), so yes the income is greater than the deduction

dkh

Level 15

Hmmm.. is there Sec179 carryover ? Look at Form4562 lines 10-13 Use that to help determine what you need to enter on line 2 via K1 Line 12 Quickzoom . Don't let the "Enter state Sec179" fool you...there is also federal entries

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