Part 1 Line 11 to 13 Form 4562
Line 11: enter the lesser of line 5 and your taxable business income.
If you are a person, enter the smallest of line 5 or your taxable income (from business you actively managed or worked in. That also includes your wages, your spouse wages if you file joint return. Do not take into consideration, any section 179 claimed for another business or the ½ self-employment deduction.).
For S corporation, partnership and corporation, use the lesser of line 5 and your business taxable income from active business activities. see page 6 to 7 of instructions to form 4562 for more detail for business taxable income to consider.
Line 12: Line 9+lIne10 but do not enter more than line 11.
If you use multiple Forms 4562, do not complete Part 1 for all of them. Write Summary on one separate form 4562 to add all the totals of all Forms 4562 for all your businesses and activities. One each form 4562, enter on Line 12 the portion of line 12 Summary that is allocated to the business that form 4562 is for.
Line 13: Line 9+ Line 10 – Line 12. That is the amount to carry over to the next year because your taxable income is lower than your section 179 expense.
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