topic Section 179 carryover problem in Business & farm

Section 179 carryover problem

charterh — Wed, 11 Mar 2020 22:37:04 GMT

I get the following message:

"Form 4562: Section 179 Summary: Line 10 - The total carryover of disallowed deduction from prior year does not match the total prior year Section 179 carryovers entered on each individual activity. Please review your entries in the Section 179 Information by Activity Smart Worksheet for all activities (Form 4562 or incoming K-1 worksheet) The amount on this line currently exceeds the sum of amounts from activities by 624."

However, line 10 is $624 and matches line 13 of my 2018 return exactly. My business operated at a loss in 2018 and again in 2019, so line 13 of my 2019 return is also $624 as it should be.

Why am I getting the error and what can I do about it?

Re: Section 179 carryover problem

tiger1 — Sun, 15 Mar 2020 20:43:24 GMT

I had the same problem, and found a solution at https://ttlc.intuit.com/community/taxes/discussion/form-4562-line-10-error-in-final-review/01/1065274#M388512 . I followed them and it removed the error. From the instructions, it appears to me that TurboTax fails to fill in the form completely, so you have to do it manually.

Re: Section 179 carryover problem

Taxes212 — Thu, 17 Feb 2022 19:00:36 GMT

I am getting an error message on my 2021 taxes regarding carryover worksheet line 24, total Section 179. Where can I find the appropriate number to put there>

Re: Section 179 carryover problem

MarilynG1 — Fri, 18 Feb 2022 04:22:42 GMT

The amount shown here is the total section 179 carryover from all activities in last year's return.

In order for this amount to be properly deducted in this year's return, you must also enter the carryover on the activity that originally generated the deduction. Check your carryovers for each activity from 2020.

"In this year's return, enter the carryovers for each activity as follows:

* Schedule C, Schedule E page 1, Schedule F, and Form 4835, enter on line A of the "Carryovers to 2021 Smart Worksheet" on those forms

* Form 2106, enter on Line A of the "Depreciation Information Smart Worksheet" on the Form 2106 Adjustments Worksheet
* Schedule A, enter on line A of the "Depreciation Smart Worksheet" on the Miscellaneous Itemized Deductions Worksheet
* Partnerships, enter on line 1, Box 12: Section 179 deduction on Schedule K-1 Partnership Additional Info 1
* S Corporations, enter on line 1, Box 11: Section 179 deduction on Schedule K-1 S Additional Info 1
* For K-1 Partnership supplemental business expenses, enter on Line A of "Depreciation Information Smart Worksheet" on the Supplemental Business Expenses Worksheet."

Re: Section 179 carryover problem

Q3anT1ag0 — Tue, 22 Feb 2022 23:46:02 GMT

Have been using Turbo Tax for many years -- always pleased with its performance.

In 2017 had a Schedule A "Gifts to Charity" carryover of 888,223. This was verified in the Schedule A printout and Carryover Worksheet Turbo Tax provided that year. The correct subsequent amounts have also been shown in the Gifts to Charity section of Schedule A each subsequent year, usually in or about Line 14. Since I've been doing the tax online, your system does not download to me the carryover worksheet, but the carryover amount still shows in Schedule A --with "limited."

This year, however, there might have been a software problem with your carryover software. After I filed, the system downloaded to me a copy of the filing to IRS, including Schedule A -- but there was no carryover amount shown and the amounts in lines 11 and 14 were not correct (to say the least) -- although it did give me the 100% of AGI for the total gifts to charity, so the tax bottom line was OK.

Now I find that the copy of the filing in my computer shows the correct amount of carryover. Can Turbo Tax verify that your system subsequently download a corrected version of the filing to my computer (thus erasing the incorrect copy, but spooky)? Also, could Turbo Tax download to me a copy of the Carryover Worksheet for 2021, please.

Bottom line: it looks like your system will have the correct carryover available for the 2022 tax, but I would like to see the worksheets, please.

THANK YOU very much.

Re: Section 179 carryover problem

MarilynG1 — Wed, 23 Feb 2022 01:16:59 GMT

Yes, when you print a copy of your return (or save as a PDF), select the option 'all calculation worksheets.'

Click this link for detailed steps to print worksheets in TurboTax Online.