Knowledge Base

11145: 4562 - Section 179 Part III Section B

1040 Individual Data Entry

I expensed an asset under Section 179, but the amount on line 1 of the 4562 is over the allowable maximum and the software doesn't carry the remaining cost down to Part III Section B of the 4562.

If EXP is used as the method, Drake Software does not know how to depreciate the balance of the basis of the asset.

Instead, on the 4562 detail screen, enter the method the client wants to use to depreciate the asset after expensing the allowable amount. In the 179 expense elected this year field, enter in the maximum allowable 179 amount.

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