TurboTax Business form 1065, when entering a depreciable asset that qualifies for a Section 179 deduction. I have entered the asset, the net income prior to entering the asset is $18,642. The asset value is $7,100. When I entered the asset and tried to take the whole $7,100.00 deduction Turbo Tax business only allows me to tax $38.00, it is saying on the depreciation screen that is my net profit. The Net Profit on all the other forms including the K-1 says my net income is $18,642.00. I believe there is a bug in the product.
Does anyone know how to report a bug to Intuit? After 5 phone calls to their live help (only get 1040 people) I am at a loss of how to contact Intuit and have them correct.
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What's the amount on line 22 of your 1065?
the partnership for federal purposes does not get the 179 deduction. it is a separate item on schedule K line 12 and reported on the k-1 for each partner line 12. it's at the partner level that the allowable 179 deduction is determined. as an alternative, the item might qualify for the special depreciation allowance, form 4562 line14 which flows to page 1 line 16a. there is no income limitation like with 179.
Form 1065 line 22 is blank/zero.
Form 1065 line 22 is blank/zero.
If Form 1065 Box 22 is zero, then you have no income for the year. Review all lines above Line 22 to see why your ending income is zero. This may explain why you have only $38 available for Section 179.
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