Form 4562, line 11

[JCS52]

I have two sources of "Business Income":

1.  S Corp business income through a Form K-1

2.  Schedule C profit or loss from a consulting business

The K-1 has generated a Sec 179 deduction; the Schedule C business has not

TurboTax's form 4562 keeps reflecting my Schedule C profit/loss on line 11 of Form 4562 (Business Income limitation), but the Sec 179 deduction is coming from the S Corp K-1.  This does not seem correct to me.  To be an "apples to apples" comparison is seems the adjusted business income from the K-1 should be on line 11 of Form 4562, not my Schedule C profit/loss.

Please advise.  Thanks.

[Irene2805]

The 179 depreciation should be reported on line 11 of the K-1S.  From there it should flow to Schedule E, p. 2, and not Form 4562.  

Check to see that you did not enter 179 anywhere else in the interview.  Then delete the 4562 and let it repopulate.

To delete an individual form, please follow these instructions:

TurboTax Online

1. While in your return, click on Tax Tools > Tools (in the black bar at the side of your screen).  
2. In the Tools Center, under Other helpful links click on Delete a form.
3. Click Delete next to the form you want to delete and follow the onscreen instructions. 
4. Once you have finished deleting the desired form(s) click the Continue with My Return box (in the lower right of your screen).

TurboTax CD/Download

1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar. 
2. In the Forms in My Return list on the left, click on the form you wish to open and delete.
3. Click on the Delete Form box at the bottom of the screen.
4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.