Understanding the Section 179 Summary dialog

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The Section 179 Summary dialog displays the section 179 limitation calculation and calculates the maximum section 179 expense allowed for the current-year asset you are entering. This dialog is available only when you view or enter a current-year asset that is allowed to take section 179 expense.

This dialog is accessible when you are in the Asset Detail dialog for a current-year asset. To open this dialog, choose Tasks > Display Section 179 Summary.

For details on individual fields in this dialog, see the Section 179 Summary dialog overview.

Election calculation group box

The following table identifies fields in this group box that correspond to specific lines on Form 4562.

Field Line on Form 4562
Sec 179 maximum dollar limitation: Total sec 179 maximum dollar limitation 1
Cost of current sec 179 property: Total cost of current sec 179 property 2
Threshold cost of sec 179 property 3
Reduction in limitation 4
Dollar limitation for tax year 5

The Business income limitation field defaults to the current section 179 dollar limit. (To reduce this limit, choose Setup > Treatments, select a treatment, click the Options button, click the Calculation tab, and enter the desired limit in the Maximum dollar field.)

Note: If you are integrating with UltraTax CS, the Business income limitation field does not reflect the business income calculated in UltraTax CS for the client.

The Adjusted 179 limitation (lesser of Dollar or bus inc limit) field shows the section 179 maximum dollar limitation adjusted by the threshold and business income limitations.

Note: Fixed Assets CS does not track or calculate the carryover of the disallowed deduction. When printing, you may enter the carryover in the options on the Form 4562 tab. To do this, choose File > Print, click the Forms tab, double-click Form 4562 so it appears in the Selected pane, and click the Options button. In the Options: Form 4562 dialog, click the Form 4562 tab, and enter the carryover amount of the disallowed deduction.

Elected cost group box

The Elected cost fields show the real property total and the total elected cost of the client's section 179 property.

The Elected section 179 for current asset field displays the amount that was entered in the Sec 179 expensed field in the Asset Detail dialog for this asset.

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