179 Expenses

[Terry D EA]

Does anyone know how to get the 179 information to flow to the form 4562? I have tried every 179 related entry on the input screen and the amounts do not flow to page one of the 4562. What am I missing here? Help please.

 

[Nellie]

'Business Income Limitation' must be filed in - have you tried that?

 

[Terry D EA]

Yes, business income limitation is filled in with the proper calculated amount. When I look at the Federal Worksheets, the total amount of the 179 elected cost shows correctly. Nothing is getting placed on the 4562. The entire section I is blank. I have worked with this so much my eyes have crossed back and forth 15 times. I even overrode the business income limitation to a lesser and high number and still nothing flows.

[Nellie]

Is this on a 1040?

 

[Terry D EA]

Yes, this is a Schedule C disregarded entity.

[Nellie]

I played around a bit with it and found that the active participation must be checked on the Sch C for it to carry from the 4562.  Had no problem getting it onto the 4562 however.  Hopefully OLT Pro will be able to help you on Monday.  Until then I would just go over the input for both of the forms slowly, line by line, and be sure everything is checked that should be.  That is where I find most of my problems.

 

[Terry D EA]

Thanks Nellie and I did check the Schedule C to see if the active participation was checked and it is. Thanks again for your willingness to try and help. It is appreciated.