"Section 179 on multiple activities being limited" error message on Individual return
by Intuit•1• Updated 2 months ago
For more Schedule K-1 resources, check out our Tax topics page for Schedule K-1 where you'll find answers to the most commonly asked questions.
When preparing a Form 1040 return where Form 4562: Depreciation and Amortization is involved, you may received the following error message in Final Review:
"You have elected Section 179 on multiple activities, or have a Section 179 deduction on a K-1 activity. The total amount of Section 179 you may deduct has been limited. You must reallocate the Section 179 on one or more activities. See Tax Help for Form 4562, line 12 for the details"
ProSeries generates Form 4562: 179 Limitation if the taxpayer has Section 179 deductions for multiple activities, or has pass-through Section 179 deduction entered on a Schedule K-1, be it for a Partnership or an S Corporation.
Follow the steps for your activity below:
Sign in now for personalized help
Ask questions, get answers, and join our large community of Intuit Accountants users.
More like this
- How do I fix the error on Form 4562 Section 179 Summary: Error Line 12 in 1120S and 1065by Intuit•10• Updated August 07, 2024
- Limit passive loss allowed on Form 8582 to property being disposed in ProConnectby Intuit•2• Updated over 2 years ago
- California Section 179 limitationsby Intuit•23• Updated September 30, 2024
- Common questions about Form 4797 in Lacerteby Intuit•40• Updated August 14, 2024