Form 4562, Line 10 error in final review

Davidoc · ‎February 1, 2020

When selecting E-file and just prior to going online, a final review takes place and indicates that my 4562 Line 10 amount does not match my 2018 disallowed carryover amount. It does match. The help screen tells me to find a smart worksheet for Section 179 information by activity for K1 reporting. I cannot find anything like that. There is only one activity for that asset and the carry over number matches the 2018 carryover. In the forms list it says my Section 179 Limit form is not complete. How can I fix this?

Thanks

DavidS127 · ‎February 24, 2020

The TurboTax investigation of this issue provided instructions for this issue if you already have a Form 4562 in your tax return (i.e., you had 2019 asset additions). But, there is an additional workaround if you do not already have a Form 4562 in your tax return. See the instructions for both, below. You should save (File>Save As) a back-up copy of your tax file before attempting these changes in case you need it.

If you already have a Form 4562 in your 2019 tax return (i.e., you have 2019 asset additions)

Open your 2019 return in TurboTax Business
Go to Forms mode
Click on Form 4562
Under Part 1, find the box labeled "Section 179 Information by Activity for K-1 Reporting"
On row B, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 10
On row C, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 11

If you do not have a Form 4562 in your 2019 tax return (i.e., you do not have 2019 asset additions):

Open your 2019 return in TurboTax Business
Go to Forms mode
Click the Open Forms icon on the top left. In the Search window type Form 4562
Click on Form 4562, and then the Open Form button at the bottom of the pop-up window.
On the newly opened Form 4562 (use tab at top of page to access newly opened Form 4562), populate Line 10 with the amount from Line 10 of the Sec 179 Limit form/worksheet
Delete the old “Sec 179 Limit” worksheet in the tax return, as it now represents an “extra” Form 4562; your carry-over of Sec 179 to 2020 is now on the Form 4562 you added.

@Anonymous

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DavidS127 · ‎February 24, 2020

The TurboTax investigation of this issue provided instructions for this issue if you already have a Form 4562 in your tax return (i.e., you had 2019 asset additions). But, there is an additional workaround if you do not already have a Form 4562 in your tax return. See the instructions for both, below. You should save (File>Save As) a back-up copy of your tax file before attempting these changes in case you need it.

If you already have a Form 4562 in your 2019 tax return (i.e., you have 2019 asset additions):

Open your 2019 return in TurboTax Business
Go to Forms mode
Click on Form 4562
Under Part 1, find the box labeled "Section 179 Information by Activity for K-1 Reporting"
On row B, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 10
On row C, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 11

If you do not have a Form 4562 in your 2019 tax return (i.e., you do not have 2019 asset additions):

Open your 2019 return in TurboTax Business
Go to Forms mode
Click the Open Forms icon on the top left. In the Search window type Form 4562
Click on Form 4562, and then the Open Form button at the bottom of the pop-up window.
On the newly opened Form 4562 (use tab at top of page to access newly opened Form 4562), populate Line 10 with the amount from Line 10 of the Sec 179 Limit form/worksheet
Delete the old “Sec 179 Limit” worksheet in the tax return, as it now represents an “extra” Form 4562; your carry-over of Sec 179 to 2020 is now on the Form 4562 you added.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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wquinby47 · ‎February 2, 2020

Getting the same error. Looks like a program bug. So, what's the answer TurboTax?

OVJosh · ‎February 2, 2020

I am getting the same error. What do I do about it?

Jbeck · ‎February 3, 2020

I figured out what David from TurboTax was referring to in his response. The error is showing up in FORMS MODE on the Sec 179 Limit form not on the Form 4562. If you click on Form 4562 on the left you will see that LINE 10 is not populated with the prior year carryover number. I had to populate line 10 and line 12, then go into the box below Line 11 and populate it as well. Once you populate these lines the error on the Sec 179 Limit page will go away.

manijaya87 · ‎February 3, 2020

Getting the Same error. Spent more than one hour with the Turbo Tax Advisor. She gave a workaround to delete and add those assets again but the error is still there

TURBO TAX PLEASE FIX THIS BUG !!!!!!!!!

Ananth

manijaya87 · ‎February 3, 2020

The case ID for this Issue was 455 132 878. Tried reaching out to the [phone number removed] but NO LUCK

Need TURBO TAX to address this Issue expeditiously

Regards

Ananth

Anonymous · ‎February 3, 2020

Same error, any new info on how to fix?

Davidoc · ‎February 3, 2020

No response yet. Other people are having the same error. I don't know how to get an answer from the Turbo guy's.

DavidS127 · ‎February 4, 2020

The "smart worksheet for Section 179 information by activity for K1 reporting" you are looking for is in a "box" just below Line 11 on Form 4562 (in "Forms mode"). Attempting to replicate your issue I entered a carryover amount on Line 10, and in that "box", the carryover populated on Row B, Column (a) but not Column (b) which was red (indicating an error). When I manually populated the Row B, Column (b) it accepted the entry.

When you look at that Row B, Column (b) in that "box" just under Form 4562, line 11 (in Forms mode) is there a number there and/or is it shaded red?

@Davidoc

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DavidS127 · ‎February 4, 2020

It would be helpful to have a TurboTax ".tax2019" file that is experiencing this issue. You can send us a “diagnostic” file that has your “numbers” but not your personal information. If you would like to do this, here are the instructions:

On your menu bar at the very top, click “Online” and then “Send Tax File to Agent”. When you click to send, you will get a pop-up with a token number. Reply with the token number and I’ll be able to open a TurboTax Business file with your numbers but not your personal information. That may help diagnose the issue.

@Davidoc

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Jbeck · ‎February 4, 2020

I figured out what David from TurboTax was referring to in his response. The error is showing up in FORMS MODE on the Sec 179 Limit form not on the Form 4562. If you click on Form 4562 on the left you will see that LINE 10 is not populated with the prior year carryover number. I had to populate line 10 and line 12, then go into the box below Line 11 and populate it as well. Once you populate these lines the error on the Sec 179 Limit page will go away.

Jbeck · ‎February 4, 2020

Here is my file's Token # PII

Davidoc · ‎February 4, 2020

Thanks alot. My Token number is [PII]

Davidoc · ‎February 4, 2020

I will work on that tonight. I sent you the file in the mean time. Thanks a lot.

Anonymous · ‎February 5, 2020

Any luck fixing problem?

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Form 4562, Line 10 error in final review