Hi, I am using TurboTax Business to calculate create form K-1 for my LLC. The LLC has two partners. Both partners have other source of income (W2 wages) as well.
The LLC has about $15000 income and about $19000 in expenses (before section 179 deductions). Now, I have also purchased about $13000 in equipment (assets) which I would like to include in my K-1 as Section 179 deduction .
Since my net business income is negative, Turbo tax says that the Section 179 deductions will carryover to next year. But I understand that it is possible to pass through the Section 179 deductions to partners so that we can offset the deductions against our W2 incomes.
How can I do this in Turbo tax? I use Turbo Tax Business to calculate K-1 forms for the LLC and use Turbo Tax Home and Business to file my own personal income tax.
