Discussion:Section 179 and Taxable income

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Discussion Forum Index --> Basic Tax Questions --> Section 179 and Taxable income

Discussion Forum Index --> Tax Questions --> Section 179 and Taxable income

Opie (talk|edits) said:

6 April 2009
Client has a large NOL carryforward on their personal tax returns. Business income for the 2008 year is creating a large amount due for social security, without exhausting the NOL. Can Section 179 be taken on qualifying property to reduce the amount owed on social security?

Deback (talk|edits) said:

April 6, 2009
Did you enter any Sec 179 amount to see how your software calculates what you want to accomplish? This would be the best way to find the answer to your question.

Riley2 (talk|edits) said:

6 April 2009
Yes, the taxable income limit is computed without regard to NOL carryforwards. See Reg ยง 1.179-2(c)(1).

Opie (talk|edits) said:

7 April 2009
Package always allowed the deduction. It also allows additions and substraction for "business taxable income". I was looking for info to make sure a manual substraction was not necessary for the NOL and not finding it. Thanks for your help.

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