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How do I reduce Line 8 on State Section 179 Dollar Limitation? It exceeds the NJ state dollar limit. I am a sole LLC. Thanks in advance.
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April 12, 2020
9:59 AM
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Business & farm
I talked with Turbo Tax support and here's the solution: On the form Depreciation Options, State Depreciation, the two first two lines under State, "delete this state's depreciation data...", should be marked as Yes. It then automatically changes line 8 to the state dollar limit specified in line 7. It's counter intuitive but that's the solution.
April 13, 2020
10:29 AM