1065-US: Entering information for section 179 expense deduction (FAQ)

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Question

Where do I enter information for the section 179 expense deduction?

Answer

Section 179 information can be entered in the following places in UltraTax CS/1065.

  • In the asset module, use the Sec 179 Expense field.
  • If you are entering summary asset information, use the fields in the Section 179, Special Depreciation Allowance, Other and MACRS section in Screen 4562 in the applicable activity.
  • Use the Section 179 expense (Force) fields in Screen SepK for each activity to override the calculated section 179 expense. Use the Ptr Alloc buttons to allocate the amount to partners using ratios other than the profit sharing percentages.
  • Use the Section 179 expense deduction fields in Screen K1-2 to enter section 179 expense from a passthrough entity.
  • Use the carryover fields in Screen SepK for each activity and Screen K1-6 for each passthrough entity to enter carryovers from a prior year.
  • Use the Form 4562 - Other Information section in Screen OthAsset in the General folder to override the various lines on Form 4562, Part I or to enter carryovers from a prior year.

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