Hi,
I have $800 in a 179 deduction and I see it on form 4562 but it doesn't seem to affect the amounts for Ordinary Business Income on the front of Form 1065 or the K1's. On the K-1 I see it but the income isn't affected there. Where does it come off?
Thanks,
Stan
Hi,
Okay. So when I use TT for Home and Business I will see the deduction there. Is that right?
Thanks,
Stan
@stanhook wrote:Okay. So when I use TT for Home and Business I will see the deduction there. Is that right?
Yes. It will be deducted (the Line 12 amount) from your share of the ordinary business income reported on Line 1 of your K-1.
From there, you will see the actual Line 1 and Line 12 figures on page 2 of your Schedule E. The resultant figure will transfer to Schedule 1, Line 5 of your 1040.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
