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Level 2

Solved

Form 4562, Line 10 error in final review

Forum|Forum|6 years ago
February 2, 2020
20 replies
3 views

When selecting E-file and just prior to going online, a final review takes place and indicates that my 4562 Line 10 amount does not match my 2018 disallowed carryover amount. It does match. The help screen tells me to find a smart worksheet for Section 179 information by activity for K1 reporting. I cannot find anything like that. There is only one activity for that asset and the carry over number matches the 2018 carryover. In the forms list it says my Section 179 Limit form is not complete. How can I fix this?

Thanks

TurboTax Business Windows

Best answer by DavidS127

The TurboTax investigation of this issue provided instructions for this issue if you already have a Form 4562 in your tax return (i.e., you had 2019 asset additions). But, there is an additional workaround if you do not already have a Form 4562 in your tax return. See the instructions for both, below. You should save (File>Save As) a back-up copy of your tax file before attempting these changes in case you need it.

If you already have a Form 4562 in your 2019 tax return (i.e., you have 2019 asset additions)

Open your 2019 return in TurboTax Business
Go to Forms mode
Click on Form 4562
Under Part 1, find the box labeled "Section 179 Information by Activity for K-1 Reporting"
On row B, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 10
On row C, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 11

If you do not have a Form 4562 in your 2019 tax return (i.e., you do not have 2019 asset additions):

Open your 2019 return in TurboTax Business
Go to Forms mode
Click the Open Forms icon on the top left. In the Search window type Form 4562
Click on Form 4562, and then the Open Form button at the bottom of the pop-up window.
On the newly opened Form 4562 (use tab at top of page to access newly opened Form 4562), populate Line 10 with the amount from Line 10 of the Sec 179 Limit form/worksheet
Delete the old “Sec 179 Limit” worksheet in the tax return, as it now represents an “extra” Form 4562; your carry-over of Sec 179 to 2020 is now on the Form 4562 you added.

@1023180

Show previous replies

skinaturals4u

Level 2

The number that is carried over is CORRECT. I checked the form itself and it is populated on line 10 so what gives TURBOTAX, Fix this !!!!!!!!!!!!!!!!!!!!!!

It's a shame to pay this kind of money to have this stupid bug not fixed by now. Come on guys!

w5larkc

Level 2

Having the same issue. Form 4562 Section 179 Summary line 10 transfers correctly from 2018, line 11 is 0, line 12 is 0 and line 13 is the same as 10. Everything is correct but still getting the error! Please help-would like to have the taxes completed and this is the only problem!!!

kevin40

Level 2

Same problem. Form 4562 Section 179 Summary line 10 transfers correctly from 2018, line 11 is 0, line 12 is 0 and line 13 is the same as 10. Any update on a solution? Is someone from TurboTax working to fix this?? Thanks.

kb0wwp

Level 2

I'm getting this error as well.

@DavidS127 my token number is 596225.

roundt3

Level 2

If you already have a Form 4562 in your 2019 tax return (i.e., you have 2019 asset additions):

Open your 2019 return in TurboTax Business
Go to Forms mode
Click on Form 4562
Under Part 1, find the box labeled "Section 179 Information by Activity for K-1 Reporting"
On row B, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 10
On row C, column a of "Section 179 Information by Activity for K-1 Reporting", enter the amount from Sec 179 Limit, Line 11

If you do not have a Form 4562 in your 2019 tax return (i.e., you do not have 2019 asset additions):

Open your 2019 return in TurboTax Business
Go to Forms mode
Click the Open Forms icon on the top left. In the Search window type Form 4562
Click on Form 4562, and then the Open Form button at the bottom of the pop-up window.
On the newly opened Form 4562 (use tab at top of page to access newly opened Form 4562), populate Line 10 with the amount from Line 10 of the Sec 179 Limit form/worksheet
Delete the old “Sec 179 Limit” worksheet in the tax return, as it now represents an “extra” Form 4562; your carry-over of Sec 179 to 2020 is now on the Form 4562 you added.

This isn't working and now I can't efile. It won't let me enter the info on those lines and it won't let me override. This is really bad....

aerobins1

Level 2

The work arounds posted over the past 3 weeks have not solved the issue for me. I have opened form 4562, changed lines 10, 1 , and 12 to reflect the correct numbers and it still will not pass the error check.

Because of this, the form 4562 is not printing with the forms of official filing. The program does generate the form when I choose print all forms and the calculation worksheets but I would like for the software to to run the error check and confirm the tax calculations are indeed error free.

Taxes are due in two weeks and this needs to be fixed like yesterday!

skinaturals4u

Level 2

OK guys, all the fixes Iàm seeing are for what looks like a partnership or some other type of business. I need a fix for the S'CORP FORM 4562 LINE 10 )on my form, the entry is correct so I donàt have incorrect data or a blank line

Kenjhee

Level 2

My company is S-Corp and the fix worked for me.

Deb T1

Level 2

Thank you so much!!! I am glad I did a web search on this problem. I spent 3 hours last night talking to 2 agents on the phone who had no idea how to fix this and kept sending me in circles. It was apparent they had no clue. I recommend this simple fix go out to all your phone "experts"

WuhanVirus

Level 2

I'm getting a Disposition of asset date has an unacceptable value, even though im using the correct format: 06/03/2019 any thoughts? I have over 60 items I disposed of (Sold the Business, Bulk sale)

Laurarobinson1889

Level 2

Did this get fixed yet? I’m having same issue and not able to file. I can’t even get it to file an extension... is due today.

zaxy

Level 2

I had the same problem as yours and the solutions below were not working because for some reason TurboTax had also 'doubled' my carryover from 2018!! Very very disconcerting. Anyway, after I also then fixed the amount in the "1065 Depr Opt" section 4a and 4b did the error finally go away.

If this is the state of the software, I am really concerned whether my taxes have been accurate over the years!!

Hope this helps someone.

ChattyCathy1

Level 2

This error still exists for 2020 tax year. So glad it's the last year I am doing taxes for our S-corp. Hoping the recommended workaround does not mess anything up in the filing. Last year, I finally had to mail it, but this year I got it to work. Thanks for giving a reasonable solution! Shame on you, Intuit.