I have an amount on the S Corp Schedule K-1 Line 17AC Which is transfering into the personal tax return as self employment income. I should not have self employment

The S-corp income should not have self employment income because there is wages in the return. did a law about S Corps change

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Level 15

Somebody else mentioned the same thing earlier this week. It seems like a program error to me.

Level 15

Nope, there's no "new" law regarding S-Corps.

17-AC is the gross receipts amount, to be used for 'business interest' computations on Form 6??? (?).

It appears at this stage to be a programming error.

HumanKind... Be Both

Level 15

It's not self employment income. Look at the codes for the 1120S K-1.

The input screen in Lacerte 1040 is misleading. Just don't enter it in either of the 17AC lines.

Earlier today I replied to the other post about this, but of course cannot find it now because the search function here sucks.

The more I know the more I don’t know.

Level 15

I replied somewhere/sometime too - but nope, couldn't find it.

There was also a reply by Phoebe...couldn't find that either.

HumanKind... Be Both

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