State Sec. 179 Deduction ? 1(ME) Is Too Large. It Cannot Be Greater Than This Vehicle?s Luxury Auto Limit of $1,928.00
Some TurboTax users are experiencing an error, underneath the box titled “Maine Section 179 Expense" The error reads: “State Sec. 179 deduction – 1(ME) is too large. It cannot be greater than this vehicle’s luxury auto limit of $1,928.00”. It appears the program is taking the 179 deduction for the previous years.
The error message is correct. While ME does conform to the Federal Sec 179 limits, they do not conform to bonus depreciation – which means they do not conform to the $8000 increase in the Luxury Auto Limitation allowed to vehicles that qualify for bonus depreciation. This amount must be changed in the review section of the program.