What entry do you want to override on IRS form 4562 line 12? Please advise.
Is there an amount on line 9 or line 10 of the IRS form 4562?
Or are you limited by the amount on line 5 of the IRS form 4562?
You may be limited by the amount on line 11 of the IRS form 4562.
The total cost you can deduct on line 12 may be limited to your taxable income from the active conduct of a trade or business during the year.
Yes, line 9 and line 10 has $144
Line 5 = 0
Line 11 = $31,261
My taxable income, line 15 of 1040-SR = $31,117
These amounts are also on Form 8995, line 5 =0, line 9 and line 10 = $144, line 11 = $31,261
If I can't deduct anything, why am I getting an error on Form 4562?
Is there a way I can override and if I can, what would I enter on line 12 of Form 4562?
Thank you for your help !
After reviewing my entries, my K-1 and form 4562 in detail and the instructions for form 4562, I believe line 12 should have a value of zero. So why am I getting a Turbo Tax error on line 12 ? How do I correct this?
What is the full text of the error message you see regarding Form 4562 Line 12? You can see this easily using Forms Mode (click the Forms icon in the header of TurboTax for Desktop).
Open Form 4562 for your business, home office, or rental property. Click the Errors icon above the forms list to open a footer under the open form. The exact form error will appear.
If you see a message saying "...this is not a commercial property," you will need to remove the Section 179 deduction and use either Bonus or Regular depreciation. This is a known issue that will not be resolved before the filing deadline. You can still file by mail, but a return with this error cannot be e-filed.
The error message reads : "Form 4562, Line 12 - You have elected Section 179 on multiple activities, or have a Section 179 deduction on a K-1 activity. The total amount of Section 179 you maty deduct has been limited. You must reallocate the Section 179 on one or more activities. See Tax Help for Form 4562, line 12 for details."
The Tax Help provided no additional information or guidance. This is pretty simple, the form says for line 12, add lines 9 and 10 but don't enter more than on line 11. OK, Line 9 = $1219, line 10 is blank and line 11 is zero. WHAT IS THE PROBLEM??????? This is simple arithmetic that Turbo Tax is giving me an ERROR. WHY can't I OVERRIDE? Can't anyone tell me why I can do this arithmetic myself and OVERRIDE the error??????
Have you checked the Section 179 Summary copy of Form 4562? This will be separate from any other activities in your return. The accompanying Section 179 Expense Report (Sec 179 Rpt Page 1) will provide the source of all Sec 179 elections on your return, including carryovers. These two reports should help you resolve the form error you are receiving.
I got the same problem and struggled for the last two days; Could not overrided/erased/deleted with a value of ZERO on line 12 of form 4562 (Depreciation/Amortization). Simply, I got stuck on eFile. Any help is greatly appreciated!
I am having this exact same problem. Line 12 should be 0 and it keeps telling me it's wrong. PLUS the form won't let me edit it at all, so even if I wanted to change it I can't
If you are claiming a current year Section 179 deduction on only one activity (other than a K-1 pass-through deduction), then the program computes the limitation in Part I of Form 4562 for that activity. Do not use the Form 4562, Line 12 Smart Worksheet in this case, since it does not apply.
If you are claiming a current year Section 179 deduction on more than one activity or you have a K-1 pass-through deduction, the computation of the limitation is shown on Form 4562: Section 179 Limitation. In this case, line A of the Form 4562, Line 12 Smart Worksheet for the individual activities shows the unlimited Section 179 deduction.
If the deduction is limited, you must allocate the allowable Section 179. Both the Error Summary and Final Review will alert you when you need to make this adjustment. Enter the allowable Section 179 on line B of the Form 4562, Line 12 Smart Worksheet. If you do not make an entry on line B, the unlimited Section 179 from line A will be used on Form 4562, line 12.
Note: For K-1 pass-through deductions you enter the allowable Section 179 on K-1 Partnership Additional Information 1, Box 12, line 2, and on K-1 S Corporation Additional Information 1, Box 11, line 2.
Look at the amounts on A and B above the screenshot you sent.
Here's more info on What is a 179 Deduction?
There is no line A&B.
It literally says, don't put in more than line 11, line 11 is 0, so I put 0. anything else would be not following the instructions.
Also, the form will not let me change any entries - where do I change this on the step-by-step?
Have you tried leaving Line 12 blank? Checked for Form Errors? With the form displayed, click on Errors at the top left of the screen, next to Open Form. The error message is displayed at the bottom of the form.
Since the 0 in your screenshot is red, this indicates an error. Right-click on Line 12 to for more info on this line. You may need to review your Business Asset entries again.
Here's a screenshot of Form 4562, showing the lines referred to.