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triport406
Level 2
March 12, 2021
Question

I am completing an 1120S and the Gross receipts from line 1 are pulling into the K1 line 17 (AC). Is this new?

  • March 12, 2021
  • 1 reply
  • 10 views
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1 reply

sjrcpa
sjrcpa
Level 15
March 12, 2021

Yes

The more I know the more I don’t know.
    T
    triport406Author
    Level 2
    March 12, 2021

    Any idea why?  Is it correct? It affects their self employment tax on the 1040. When the return is done is TurboTax it does not put this into 17 (ac). I'm new to ProConnect, so trying to understand the difference.

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    March 12, 2021

    It doesn't affect their SE tax. Don't put a number labeled "gross receipts" into an input field labeled "self-employment income."

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