Entering Section 179 Carryover in the Individual Module in Lacerte

How do I enter an amount on Form 4562 Line 10 Carryover of disallowed deduction from line 13 of your 20YY Form 4562 ?

Solution

From the Form 4562 Instructions:

Line 10:
The carryover of disallowed deduction from 20YY is the amount of section 179 property, if any, you elected to expense in previous years that was not allowed as a deduction because of the business income limitation. If you filed Form 4562 for 20YY, enter the amount from line 13 of your 20YY Form 4562.

• It is first necessary to determine what activity (or activities) the asset(s) are tied to.  For example: Schedule C, Schedule E, etc.
• If the total amount of disallowed deduction came from one activity, the whole amount may be entered on the entry screen for that business.  If the total comes from multiple businesses, it will also be necessary to determine the respective amounts and enter them on the separate activities.
• Use the following screens to enter the Section 179 Carryover based on the type of business
• Tied to the Schedule C:
  • Go to Screen 16, Business Income (Sch. C).
  • Click on the Activity from the top left navigation panel.
  • Scroll down to the Depreciation, Depletion, & Amortization section.
  • Enter the Section 179 carryover.
• Tied to the Schedule E:
  • Go to Screen 18, Rental & Royalty Income (Sch. E).
  • Click on the Activity from the top left navigation panel.
  • Scroll down to the Depreciation & Amortization section.
  • Enter the Section 179 carryover.
• Tied to the Schedule F:
  • Go to Screen 19, Farm Income (Sch. F/4835).
  • Click on the Activity from the top left navigation panel.
  • Scroll down to the Depreciation & Amortization section.
  • Enter the Section 179 carryover.
• Tied to a Passthrough Partnership K-1:
  • Go to Screen 20, Passthrough K-1s.
  • Click on the Partnership from the middle left navigation panel.
  • Scroll down to the Line 12 - Section 179 Expense Deduction section.
  • Enter the Section 179 carryover.
• Tied to a Passthrough S Corporation K-1:
  • Go to Screen 20, Passthrough K-1s.
  • Click on the S Corporation from the middle left navigation panel.
  • Scroll down to the Line 11 - Section 179 Expense Deduction section.
  • Enter the Section 179 carryover.
• Tied to an Oil & Gas Set:
  • Go to Screen 21.1, Oil & Gas Set Information.
  • Click on the Set from the left navigation panel.
  • Locate the Overhead Depreciation and Amortization subsection.
  • Enter the Section 179 carryover.
• Tied to an Oil & Gas Property:
  • Go to Screen 21, Oil & Gas.
  • Click on the Property from the left navigation panel. (This will take you to Screen 21.2.)
  • Scroll down to the Depreciation and Amortization subsection.
  • Enter the Section 179 carryover.
• Tied to the 2106:
  • Go to Screen 30, Vehicle/Employee Business Expense (2106).
  • Scroll down to the Employee Business Expenses section.
  • Locate the Other Than Meals and Entertainment subsection.
  • Enter the Section 179 carryover (Form 2106 only).

The total amount will print on Line 10 of Form 4562.  Any current year Carryover of disallowed deduction on Line 13 will also show in General Information on the Forms Tab.