I have a section 179 deduction from a K-1 that has been limited. I received an error message saying that I should reallocate the deduction, etc. How do I reallocate this deduction when I only had a section 179 deduction on one K-1 activity?
No reason to allocate. The Sec 179 deduction is only limited to the extent of net income reported on the 1040 from a passthrough K1. Post the entire Sec 179 deduction from the K1, to your 1040 K1 input sheet. The 179 deduction can only reduce income to the extent of net income. The remaining Sec 179 becomes a carryforward to next year's return.