Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 4
posted Feb 24, 2024 6:08:37 PM

What are i.r.c section 179; i.r.c.section 457A deferred compensation; i.r.c section 168(K) bonus depreciation for?

Hello,

I am helping my daughter working on her CT tax file.

Under CT state tax section,  income, here is income that CT handles differently, miscellaneous, there are 

i.r.c section 179;

i.r.c.section 457A deferred compensation;

i.r.c section 168(K) bonus depreciation

 

I do not understand what are these for? Then I did some research online and find out:

 

i.r.c section 179;                                                      is for business

i.r.c.section 457A deferred compensation;       is for employee who work for a tax-exempt organization 

i.r.c section 168(K) bonus depreciation              is for business.

 

My daughter only get W2 from a normal company, so I think all these are not her case.

 

I am not tax person, I am not sure whether my understanding is correct.

 

Please help me know 

 

Thanks

 

0 2 363
1 Best answer
Level 4
Feb 26, 2024 7:31:35 AM

OK, Thank you . It is clear.

2 Replies
Expert Alumni
Feb 24, 2024 6:12:47 PM

You don't need to enter anything in that section.   If she just has the W-2, and no self-employment income, those credits/deductions would not apply to her.   You should be able to skip over that section.  

Level 4
Feb 26, 2024 7:31:35 AM

OK, Thank you . It is clear.