Why did turbo tax fill out Form 456 on my tax return, specifically Part I, lines 1 and 3? I did not include either number when I filled out the form.

Forum|Forum|1 year ago
January 24, 2025
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BillM223

Did you mean form 4562?

Lines 1 and 3 on the 4562 refer to business property that you bought (did you enter this?). A section 179 election means that you are taking the expense for an otherwise depreciable item just in the year of purchase (lines 1). Naturally, there are limits on this, hence line 3 which shows the limit.

Note that line 1 is the sum of all business properties that you made the 179 election for (so, of course, if you might not have entered this single number if you had multiple properties). Line 3 is calculated by the worksheet in the 4562 instructions.

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