It does not apply, as I have net income over $15,000, ie ten times the amount of my Sec 179 deduction. It wouldn't explain why my Form 4562 is erroneously showing $1,080,000 on line 1, in any event.
And yes, I can go back and change my election to special depreciation allowance, but it does negatively affect the outcome, at least with respect to my state tax. I am also mot sure I should assume that TT will correctly reflect that change across all forms and worksheets at this point, considering both the warnings it is giving about being certain you want to make the 179 election as it is difficult to change later, and the unexplained (so far) error on Form 4562 line 1.
