Section 179 Depreciation on 1120s

Forum|Forum|4 years ago
January 19, 2022
13 replies
55 views

How do I properly enter section 179 depreciation for a new asset on the 1120S? I am currently entering it right on the Asset Entry Worksheet, but it is not flowing through to the K1 or anywhere. I wanted to make sure I am entering it correctly and that I do not nee

ProSeries Professional

This topic has been closed for replies.

Best answer by IRonMaN

I got it to work. Thank you everyone for your help. I had entered the asset placed date as 2020 by accident instead of 2021.

So I was right about dates 🥳

J

jeffmcpa2010

Level 10

If you don't have all the other information inputted, or have a loss or some other limiting factor, those could stop it from carrying.

S

SamanthaHrynczyszynAuthor

Level 2

I have all of the information input and the company is not in a loss position. On the asset entry worksheet, at the top where it says "Section 179" I have the full amount listed in there. Should I be doing anything else?

IRonMaN

Level 15

Do you have the dates purchased and put into use entered?

Slava Ukraini!

dkh

Level 15

Is the Sec179 showing up on Form 4562 ? If yes, then it should flow to Line 11 on Sched K1

S

SamanthaHrynczyszynAuthor

Level 2

All of the information is input, percentage of use, dates, etc. It shows up on schedule 4562 as section 179 depreciation, but does not flow to anywhere on the return or the k1.