Form 4562, line 11 - Business income limitation

[rip55jcp]

How can I see the figures that go into this calculation.  My return from 2020 has very similar income/expense numbers, but the value for this amount is at least 3 times higher than 2021.  

[Anonymous_]

Individuals.

Enter the smaller of line 5 or the total taxable income from any trade or business you actively conducted, computed without regard to any section 179 expense deduction, the deduction for one-half of self-employment taxes under section 164(f), or any net operating loss deduction. Also, include all wages, salaries, tips, and other compensation you earned as an employee (from Form 1040, line 1). Do not reduce this amount by unreimbursed employee business expenses. If you are married filing a joint return, combine the total taxable incomes for you and your spouse.

[ColeenD3]

If you are in the Desktop version, you have access to all forms and worksheets. If you are in the Online version, you will not have access until you pay for the program.

In the desktop versions for TurboTax, you can click on Forms mode and look at the forms and worksheets.  In Online TurboTax there is no forms function and the only way to see the worksheets is to pay for TurboTax, then print the return as a pdf and look through the pdf to find the worksheet that you want to see.

[rip55jcp]

I am filing "Married - filing jointly".  My husband has his own business, an LLC.  The depreciation is for his company.  I have my own W-2 income.  The values have been calculated in the form 4562, but I want to see what TurboTax is using to come up with the numbers.  

[rip55jcp]

I am in the Desktop version, but I cannot find any worksheet in the forms that displays what goes into this calculation.  Any idea what form I should look at?

[Anonymous_]

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@rip55jcp wrote:

I am in the Desktop version, but I cannot find any worksheet in the forms that displays what goes into this calculation.  Any idea what form I should look at?

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There is no worksheet other than Depreciation Options (which you can bring up if you click inside the Line 11 box).

[AmeliesUncle]

That number includes the W-2 from your spouse (and any other W-2s, Schedule C profits, and Partnership SE income).  Does that make the numbers make a little more sense?

[ActivePartner45]

I am currently doing my 2023 return, and despite telling TurboTax online that I am a general manager and active participant of a partnership, the income reported by the partnership does not figure into my business income limitation, which is currently 0. So I can't take an offsetting 179 deduction. "Use Desktop TurboTax" is not an acceptable solution to the problem. 

[Mike9241]

I might not have a solution, but it would help if I knew what line of the k-1 the partnership business income is reported on and if it's line 2 is the property commercial real estate?