K-1 Line 17 AC

Forum|Forum|5 years ago
May 30, 2021
2 replies
24 views

Hello Group

I have a question on where the Line 17 AC option goes on Protaxconnect, I don't see an option and I don't really know if this is something that I need to enter or just informative for the IRS.

I will like to ask for help to see if someone can advance me to see if this is necessary to be enter and if so, please let me know in what field it goes

Thanks

ProConnect Tax

This topic has been closed for replies.

Best answer by George4Tacks

Probably does not affect your 1040 client

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.

George4Tacks

Level 15

What type of k-1 are you trying to work with? Is your question about entering into a 1040 return?

Answers are easy. Questions are hard!

D

Darknessfall5Author

Level 3

Is an S-Corp

George4TacksAnswer

Level 15

Probably does not affect your 1040 client

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!

N

nononono

Level 3

Unless your client is subject to a §163(j) limitation then it doesn't matter for your client