cpabsd Posted April 7, 2016 Report Posted April 7, 2016 i am using ATX software. i have a client who has $225k in basis in the S corp. Current income was $133k with section 179 of 7062. No other section 179 taken on return. The software is not allowing me to deduct the section 179. AGI is currently showing as 381k but i didn't think that mattered with Section 179. What, if anything, am I missing? I'm tracking basis within the 1040 return and marked them as greater than 2 % shareholder. On the basis worksheet, it says the Section 179 is allowable for 2015 but is not transferring the deduction to page 2 of Schedule E. I can override but want to know why this issue exists. Quote
cpabsd Posted April 7, 2016 Author Report Posted April 7, 2016 I stumbled upon the answer. The Form 4562 was on manual mode( why, i have no clue). Solution - delete Form 4562 then add Form 4562 back to return. Deduction now being allowed. 4 Quote
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