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form 4562

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Level 1
last updated ‎May 06, 2020 12:17 AM

How do I correct error on part 1 line 12?

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6 Replies 6
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Level 15
last updated ‎May 06, 2020 12:17 AM

What error?

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Still an AllStar
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Level 1
last updated ‎May 06, 2020 12:17 AM

Hi Sir,

Thank you for your reply.  I'm getting an error on part 1 line 12.  I'ts telling me the taxpayer has multiple activities with the current year Section 179 deductions and exceeded Section 179 Limitations and to allocate Section 179. 

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Level 8
last updated ‎May 06, 2020 12:17 AM

You'll need to reduce Sec179 on your assets until you are within the allowed limit.   The assets you can't take Sec179 for hopefully qualify for Special Depreciation Allowance.

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Level 8
last updated ‎May 06, 2020 12:17 AM

Form 4562 Part I  lines 1-5 will help with your limit.

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Level 1
last updated ‎May 06, 2020 12:17 AM

Sir,

I appreciate your assistance.  I was able to solve this issue by deleting zero on line 12.

Thank you,

David

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Level 8
last updated ‎May 06, 2020 12:17 AM

Line 12 is a calculated cell. How did you delete the zero on line 12 without overriding ?  

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