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10084: 1040/1065/1120/1120S - EF Message 1043, 1143, or 5623

Fed Returns Generally

An EF Message that states I have exceeded the maximum 179 expense and should choose another method. How do I resolve this?
EF Message 1043 (1065), 1143 (1120/1120S), or 5623 (1040) states: 

A method of "EXP" has been selected for one or more assets on the 4562 screen:

One of the following is true:

  • The maximum amount of section 179 expense allowable for all assets($1,040,000) has been exceeded on this return.
  • The luxury vehicle depreciation limits have been exceeded on a particular vehicle.
  • The amount in "179 expense allowed this year" doesn't match the cost.

NOTE: When the method is listed as "EXP," the override fields "179 expense elected this year" and "179 expense allowed this year" should remain blank. The program automatically expenses the entire cost, subject to the limits listed above.

Select another "Method" and "Life" for depreciation since the assets cannot be completely expensed using "EXP," or clear the incorrect override fields on the 4562 screens for these assets.

To resolve this message, select another method of depreciation (such as SL, M, etc.) and enter the expensed amount in the 179 expense elected this year field.

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