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Section 179 Deduction

Brainstrom
Level 4

I am trying to input the Section 179 deduction for a piece of equipment he purchased and put into place in 2021 for $11,000.00. I have also entered the information of form 4562 but the deduction is not changing the amount he owes in taxes. What am I missing??

Thank you in advance

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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15

Youre the only one that can see whats happening on the return, you may need to print it out before and after you input the 179, so you can see the mechanics of whats happening (or not).

FWIW, if you are using ProSeries, you wouldn't input the figure on he 4562 yourself, the software should do that for you ...so something seems amiss here.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dkh
Level 15

Are you using the Asset Entry Worksheet to enter this piece of equipment information ?