Need help reporting Sec 179 from a K-1 and form 4562

[BillyDB]

I received a section 179 pass thru from my SubS on my K-1 line 11 but I have two issues with it. One is that the full amount received is limited by my basis in the SubS. The other is that I wish to defer my use of any section 179 until a future tax year. I need help reporting this properly on my 1040 return using Turbotax Premiere 2024.

What I have so far is the following on form 4562:
line 6 automatically pulled the total amount of sec 179 from the K-1.
line 7 is blank
line 8 and 9 equal line 6
line 10 shows the sec 179 carryover from last year which I entered in the sec 179 section of the K-1 additional info worksheet
line 11 calculates a value for the "Business Income Limitation". I don't know how this was calculated but the value shown isn't constraining so I'm not sure it's important.
line 12 originally had nothing in it. So, back before I decided to defer the sec 179 deduction, I simply added line 9 and 10 together like the form says and stuck the sum into this field using the override function.
line 13 is blank

The only value I'm currently able to change is line 10 via the K-1 supplemental form. Otherwise, I can't or don't know how to change any of the other values, even line 12 which contains my override input. The form doesn't allow me to override it again nor cancel the override. All options are greyed out in the function window when I right click the field for line 12 except the "about line 12" function at the bottom. This makes me think the form is corrupted but I'm not sure.

I realize now when writing this help request perhaps, since even the full sec 179 write-off falls below the value shown on line 11 that I might disregard the form. The problem is that line 12 is red and the error check doesn't like it and I can't change it. Perhaps, I should just delete the form from my return. Schedule E pg 2 looks good.

Thanks for reading! What do you suggest?

[Mike9241]

business income limitation would be the s-corp income before the 179 deduction and wages also count as business income.

you cannot defer taking 179 if you elect it for a current year addition or it's a carryforward. the only exception to this is a lack of basis or business income. If you override to limit it, the IRS might catch this but it could be a couple of years down the road making subsequent returns incorrect and therefore needing amending. 

overrides will prevent e-filing and the voids the Turbotax accuracy guarantee.  

[AmeliesUncle]

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@BillyDB wrote:

One is that the full amount received is limited by my basis in the SubS.

The other is that I wish to defer my use of any section 179 until a future tax year.

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Are ALL of your losses, deductions and Section 179 not allowed due to Basis?  Or are some allowed?

As Mike said, it is not an option to voluntarily not use Section 179 if you are allowed to use it.  The election to use it has already been made on the corporate return and you can't un-elect that or delay it on your Individual return if you are allowed to use it.

[Mike9241]

if not a passive activity - as previously stated, you cannot defer using 179 c/o or current year addition if you have basis to deduct it.  you need to complete form 7203 s-corp basis, form 6198 -at risk and Turbotax at-risk limitation and allocation worksheet

here's are example

basis boy 38

current year loss -40

179 c/o -2

ordinary loss allowed 40/42*38 =36.19

179 allowed 2/42*38=1.81