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Get your taxes done using TurboTax
The TurboTax investigation of this issue provided instructions for this issue if you already have a Form 4562 in your tax return (i.e., you had 2019 asset additions). But, there is an additional workaround if you do not already have a Form 4562 in your tax return. See the instructions for both, below. You should save (File>Save As) a back-up copy of your tax file before attempting these changes in case you need it.
If you already have a Form 4562 in your 2019 tax return (i.e., you have 2019 asset additions)
- Open your 2019 return in TurboTax Business
- Go to Forms mode
- Click on Form 4562
- Under Part 1, find the box labeled "Section 179 Information by Activity for K-1 Reporting"
- On row B, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 10
- On row C, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 11
If you do not have a Form 4562 in your 2019 tax return (i.e., you do not have 2019 asset additions):
- Open your 2019 return in TurboTax Business
- Go to Forms mode
- Click the Open Forms icon on the top left. In the Search window type Form 4562
- Click on Form 4562, and then the Open Form button at the bottom of the pop-up window.
- On the newly opened Form 4562 (use tab at top of page to access newly opened Form 4562), populate Line 10 with the amount from Line 10 of the Sec 179 Limit form/worksheet
- Delete the old “Sec 179 Limit” worksheet in the tax return, as it now represents an “extra” Form 4562; your carry-over of Sec 179 to 2020 is now on the Form 4562 you added.
@Anonymous
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February 24, 2020
8:30 AM