During “Error Check”, Turbo Tax says:
Form 4562: Section 179 Summary: Line 12 – You have elected Section 179 on multiple activities, have an unreconciled prior year 179 carryover, or have a Section 179 deduction on a K-1 activity. The total amount of Section 179 you may deduct has been limited to the amount on this line You must adjust the allowable Section 179 amount in one or more activities using the Section 179 Detail Worksheet (Part II) on each activity (located on the 199A by Activity Worksheet or the incoming K-1 worksheet) The sum of amounts from activities currently exceeds the amount on this line by 5865.
A couple of questions:
- Isn’t the whole purpose of Turbo Tax to ask me questions and have me answer the questions with information and amounts, and then Turbo Tax will fill out the tax forms for me? So then why is Turbo Tax telling me to fill out the tax forms? If I knew how to fill out the tax forms then I wouldn’t need Turbo Tax, would I?
- Since Turbo Tax is making me do its job, I have to make changes to the forms 4562 and 199A, but I’m not a tax professional so I don’t know what I’m supposed to do. And Turbo Tax’s explanation is a clear as mud. Can anyone tell me what I need to do?
