I have a section 179 carrover on form 4562 line 13 because of a net operating loss. Can i use 100% of the carryover for a deduction on next years income tax and how?

Will turbo tax see the section 179 carryover when I import my 2018 tax to 2019 automatically? Where will the carryover deduction show up in turbo tax? Will there be any limitations assuming my business has a large net profit?

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1 Best answer

Expert Alumni

Jun 3, 2019 1:58:02 PM

Yes, TurboTax will see the Section 179 Carryover Loss when you import your 2018 tax to 2019.

You will be able to take the entire loss, whether you have a business net profit or not.

Here's more detailed info:

https://ttlc.intuit.com/replies/5820187

Expert Alumni

Jun 3, 2019 1:58:02 PM

Yes, TurboTax will see the Section 179 Carryover Loss when you import your 2018 tax to 2019.

You will be able to take the entire loss, whether you have a business net profit or not.

Here's more detailed info:

https://ttlc.intuit.com/replies/5820187

Not applicable

Jan 18, 2020 12:18:31 PM

I just discovered that I accidentally overrode settings last year and my line 13 is blank even though I had carryover. Should I file an amended 2018 return for 4562 to correct. Or just file this years taxes with the right info?

New Member

Jul 28, 2020 7:00:26 AM

Did anyone ever get back to you on this?? I've had to file an extension for 2019 and concerned I need to amend 2018 as well. My line 13 from 2018 is blank but should have had a carryover.

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I have a section 179 carrover on form 4562 line 13 because of a net operating loss. Can i use 100% of the carryover for a deduction on next years income tax and how?