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- Where to show K-1 section 179 on PA 40
Where to show K-1 section 179 on PA 40
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Thx in advance
Level 2
03-16-2023
08:06 PM
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On PA 40, Proseries is only pulling line 1 from fed K1 from the PA "S Corp RK-1/NRK-1" worksheet and is putting that on PA 40 line 4. What do I do with 179 deduction? The business is in MD and is subject to same $25,000 section 179 limit as PA, so I know the "add back". In other words, Fed K1 Income is $14k, section 149 is $7k, but MD depreciation modification is $3k add back, so net income is really $10k. Can I put $10k on Column B of the PA "S Corp RK-1/NRK-1" worksheet or does PA not allow any section 179 from a K-1?
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2 Comments 2
Accountant-Man
Level 13
03-16-2023
08:49 PM
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The 1065 preparer needs a PA20S prepared for the non resident owner of the MD S Corp.
** I'm still a champion... of the world! Even without The Lounge.
Thx in advance
Level 2
03-16-2023
09:16 PM
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Yep. I'm that preparer. I preared the PA20S for the S Corp. It generated as R-K1. The section 179 is shown on line 16 of the RK-1, but Proseries doesn't pull it in anywhere. It's just pulling line 1 of the RK-1, which is full business income, and putting that on line 4 of PA-40. Not giving any deduction for 179.
