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Investors & landlords
Fed Form "Carryover Wks"
Error message for Line 24: Line 24 (1st col) - The total Section 179 carryover shown here does not match the sum of the section 179 carryovers shown on each individual activity. Please review your return and correct the carryovers on the individual activities so that they add up to the total shown here.
When I go to the individual activity, Schedule E Wks, and manually enter in the amount in the Carryovers to 2021 Smart Worksheet, Line A, get the following error: Sec 179 Carryforward-Reg should not be entered, because this rental property is not a commercial property. Though this did fix the error on the Carryover Wks.
Then after a Turbo Tax update, received a message in Turbo Tax while using Turbo Tax that the Sec 179 taken for 2020 taxes was disallowed because of some retro-application of revised tax rule. So just to get through this, deleted the Section 179 entry in Line 24 on the Carryover Wks and deleted the entry on Line A in the Carryovers to 2021 Smart Worksheet. Errors went away. But now have given up a deduction that seems I can only get back by amending the 2020 return, which is too much work to do. So will just eat this loss.