Thank you for your reply.
I am using the online version of Turbotax Business for my 1120 C Corp tax return. I have checked forms mode, and I don't understand how it is calculating the business income limitation.
I had $92,075 in depreciation transfer from last years return. The elected cost of my section 179 property this year is $203,541. I also have another $615 in current year depreciation. I have entered $280,125 in COGS depreciation and $16,106 in G&A depreciation on the return for a total of $296,231 in depreciation (including the sec 179 deduction). After deducting all other expenses, I have taxable income of $17,869.
My form 4562 says that I have a business income limitation of $139,672 and a carryover of $63,869.
I appreciate any help that you can give me.
