DianeC958
Expert Alumni

After you file

The 179 deduction is limited to the amount of income you receive as General Partner.  If you are a limited partner you are not allowed to deduct 179 depreciation against your income.

 

You need to allocate the allowable amount for each K-1 you received.

 

In order to allocate the 179 information you will need to switch to TurboTax Desktop version.

 

You can download your 2019 tax file to your desktop to move all of your information to your computer. To download the file you go to Tax Tools, on the left hand side of the screen, Tools, Download my 2019 tax return.

 

If you have not paid for the online version you can purchase the desktop version here, or from retail stores such as Costco, Amazon and others.

 

If you have paid for TurboTax online you can call in and have the agent send you a download.

 

When you open the program you click on Find A Tax File.  This is how you upload your online file into the Desktop Version of Turbo Tax.

 

Once you have completed this step you can switch the Forms Mode by clicking on the icon in the Upper Right Hand corner (for PC computers).  There is a list on the left hand side of all of the forms in your tax return.  Find the K-1 forms.

 

Once you have clicked on the K-1 form go to Box 12 and click QuickZoom just below Box 12 to add more information about 179 deduction.  On line 2, of the Supplemental Schedule, you enter the amount that is allowed for this K-1 for 179 Depreciation.

 

Repeat these steps for the other K-1s you received and this will clear the error.

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