I have two sources of "Business Income":
1. S Corp business income through a Form K-1
2. Schedule C profit or loss from a consulting business
The K-1 has generated a Sec 179 deduction; the Schedule C business has not
TurboTax's form 4562 keeps reflecting my Schedule C profit/loss on line 11 of Form 4562 (Business Income limitation), but the Sec 179 deduction is coming from the S Corp K-1. This does not seem correct to me. To be an "apples to apples" comparison is seems the adjusted business income from the K-1 should be on line 11 of Form 4562, not my Schedule C profit/loss.
Please advise. Thanks.
