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tbay
Level 2
February 12, 2021

Form 1120 S K-1 is showing all the S-Corps receipts in Box 17 as AC,

  • February 12, 2021
  • 1 reply
  • 10 views

1120S K-1 is showing in box 17 code AC , all the S-Corps gross receipts.  When transforming the K-1 input to the individuals tax return it calculating self employment income and taxes.  How do I correct

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    February 12, 2021

    Don't input into that field on the individual return. It is not self employment income. Intuit might correct this one day.

    The more I know the more I don’t know.
    T
    tbayAuthor
    Level 2
    February 12, 2021

    Thanks, That is what I was going to do.  I guess we are hoping Lacerte corrects this.  I am in no hurry t do the Sub S corps or the individuals yet.

    Thanks again for the quick response.  Good Luck this tax season.

      sjrcpa
      sjrcpa
      Level 15
      February 12, 2021

      You're welcome. Good luck to you, too. We're all going to need it.

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