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Section 179 carry over causes error in TT

Exactly what is an individual carryover amount?  And where do you find it?

PatriciaV
Employee Tax Expert

Section 179 carry over causes error in TT

Section 179 carryover results from claiming a Section 179 deduction that was greater than the income from the source activity. Where this amount appears and where it is entered in TurboTax depends on the source of the deduction.

 

For instance, carryovers from a business would be entered under Federal Taxes >> Wages & Income >> Business Income >> Schedule C >> Final Details >> Special Situations >> "I have unused Section 179 expenses carrying over from 20XX."

 

Section 179 carryovers may also appear on Schedule E, Schedule F, Form 4835, Form 2106. or Schedule K-1. In TurboTax, carryovers are reported under the section "Carryovers to 20XX Smart Worksheet" that typically appears near the end of the source form.

 

@Don3070

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