Working on an 1120-S that has Section 179 carryover deduction that can partially be used this year (up to income limitation) but can't find where it can be entered in Turbo Tax Business edition.
Technically an S-corp never has a 179 carryover. the 179 deduction is passed through to the shareholders and any limitation is computed at the shareholder level (1040)
Hey @Mike9241 while that's a technically correct answer, it doesn't help provide practical guidance on how to get the Section 179 carryover entered on the Sub-Chapter S return so that it can carry to the K-1 and then be deducted on the shareholder's personal return.
I've added a 4562 to the "activity" that the carryover is related to, entered the current year income limitation and Turbo Tax is now asking for a different amount of carryover to be entered on a DIFFERENT "activity" on the 199A worksheets. I am not adding any new assets this year (to either activity) and, I just have depreciation amounts (for both activities) for assets purchased in prior years.
I'm thinking I'll delete the 4562 and attempt to start over. If that fails, I may delete the entire return and start completely over.