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scott1
Level 2
September 21, 2021
Question

Where in Lacerte individual module do you report S Corporation Schedule K-1, Line 17, Code AC?

  • September 21, 2021
  • 2 replies
  • 7 views
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2 replies

PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
September 21, 2021

What does Code AC represent, and what effect would you like that amount to have on your tax return?

    George4Tacks
    George4Tacks
    Level 15
    September 21, 2021

    From the shareholder instructions that should come with the K-1:

    Code AC. Gross receipts for section 448(c) Use the gross receipts amount to figure the business interest
    expense you can deduct, if applicable. See section 163(j) and the Instructions for Form 8990 for details.

    Answers are easy. Questions are hard!
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