@BillyDB wrote:
The confusion here is that Box 11 line 2 on the K1 Addl Info worksheet has the following label: "Section 179 deduction allowed per current year Form 4562" and I had input the amount allowed after my basis limitation. As far as I can tell, however, I need to include the sec 179 amount before limitation to keep the program happy.
Is this a shortcoming of the software?
It is confusing, but the software is correct. "Per current year Form 4562", the entire amount is allowed. The disallowance is due to Basis, not Form 4562.
At any rate, I'm glad you got it working!
And yes, it is a bummer about that your useable Section 179 doesn't lower your tax. You could amend the corporate return to change things, but depending on the amount, it may not be worth your time.
