I have an S-Corp where I'm electing Section 179 for about $4,000 in equipment. I listed that amount on line 14 of my 1120S for Depreciation not claimed on Schedule A or elsewhere, that in turn added to my total Deductions on line 20.

What do I put on the K-1 for me and the other shareholder? I'm a little confused by what I'm reading, which sounds as if the Sec 179 deduction goes on the shareholders' personal returns, but why wouldn't it be a part of the business's deductions - it all flows through anyway. Or am I just overcomplicating this (and perhaps not understanding the K1 correctly)?

thx!