The business income limitation Turbotax calculates for line 11 is $1176. The amount it populates on line 12 is the same but upon review Turbotax flags line 12 and will not allow any adjustments and cannot go forward with filing. Turbotax rep had no resolution so any help is appreciated!
To clarify the situation, please share the information that is shown for the error on line 12 and whether you are claiming more Section 179 deduction than $1176.
Screenshot attached. First phone call with Turbotax over 2 hours without resolution even removing software and reloading with new license key. Second call the rep insisted I go ahead and file because it could be a system glitch and if it's wrong the IRS will reject it. Not comfortable with that advice! The numbers on 4562 are calculated by the software and it will not allow an override so I'm at a loss where the flag is originating in Turbotax. Thank you for taking a look!
Your deduction is limited by your business income so that is the maximum sec 179 you can claim. The rest is being carried over.
Read the 2nd and 3rd entry on this similar one that was posted on the community. Hopefully it helps!
I have the exact same problem. I have business loss for the year and want to carryover 100% of S179 but software is creating an entry for 4562/Line12 and it's flagged as an error (because it IS an error) during the Federal Review... and i cant find the source to negate it. This is a software glitch and I don't want to LOSE the carryover for next year...as it is subtracting the amount on line12 and creating a new carryover with a lower amount. This is a software issue that needs to be resolved (or someone please point out where I can override the erroneous calculation)