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1065 secton 179 disallowed on personal 4562

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    #1

    1065 secton 179 disallowed on personal 4562

    I'm missing something...
    Partnership w/ $44k of income. 11k in section 179.
    $33k net profit
    The 1065 is ready to file.

    The 1065 profits flow to Sch E. via k1 (see link below).
    Section 179 flows to the personal return via the K-1..
    The $11k /Section 179 flows to 4562 but is disallowed.
    Line #5 should show the $33k Sch E - Right? (see link)
    It does not. What am I missing?
    Images (one drive) of 4562 and SchE.

    Link to Image of 4562 and Sch E

    Your 22 sets of eyes are greatly appreciated.


    PS - Penalty phase - I have a TERRIBLE toothache!!
    Last edited by MAJ; 09-15-2024, 01:05 AM.
    Matthew Jones
    Tax Preparation
    Computer Consultant


    Tax Season is here!
    Make sure everything is working, extra ink or toner is available, Advil in top drawer!
    Tags: None
    #2
    Nevermind.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #3
      Is this passive income?
      "Dude, you are correct" Rapid Robert

      Comment

        #4
        Part 1, Line 11 shows business income 0. Why isn't it showing 33K. You show two 179 deductions for two businesses, one for 122 and the other 11K. Could the first business show very little income and your SW is confused and it's ignoring the second more profitable business?

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