Turbotax Business 2021 Form 4562

[phugh003]

My form 4562 is not calculating correctly.  I have entered all 2021asset purchases on Asset Entry Worksheets, including my Section 179 Assets.  The Section 179 deduction is not flowing through to the Smart Depreciation worksheet, because it says that I have a business income limitation, even though I don't. 

Any help will be greatly appreciated.

[Anonymous_]

Have you checked Forms Mode?

Which type of return are you preparing? Can you post your income figures?

[phugh003]

Thank you for your reply.

 I am using the online version of Turbotax Business for my 1120 C Corp tax return.  I have checked forms mode, and I don't understand how it is calculating the business income limitation.

 I had $92,075 in depreciation transfer from last years return.  The elected cost of my section 179 property this year is $203,541. I also have another $615 in current year depreciation. I have entered  $280,125 in COGS depreciation and $16,106 in G&A depreciation on the return for a total of $296,231 in depreciation (including the sec 179 deduction).  After deducting all other expenses, I have taxable income of $17,869.

My form 4562 says that I have a business income limitation of $139,672 and a carryover of $63,869.

I appreciate any help that you can give me.  

[Anonymous_]

Curious. What is on Line 5?

Enter the smaller of line 5 or the corporation's taxable income before the section 179 expense deduction, net operating loss deduction, and special deductions (excluding items not derived from a trade or business actively conducted by the corporation).

[phugh003]

Line 5 on Form 4562 is $1,050,000.  Taxable income before the Sec 179 deduction and the Net Operating Loss Deduction is $17,869 (Taxable Income before NOL deduction) + $203,541 (Total elected cost of section 179 assets) = $221,410.

[Anonymous_]

I think you should contact Support (link below). They will not be able to assist with tax questions, but they should be able to provide information and assistance with program troubleshooting.

What is the TurboTax phone number? (intuit.com)

[phugh003]

Thank you for your help!  I will try support again.  I have already been on the phone with three different people, and we shared a session, but they were not any help.  Thanks again.