Neither S-Corporation Nor Shareholder Subject to 163(j) - How to Suppress on K-1?

Forum|Forum|3 years ago
March 10, 2023
1 reply
9 views

Taxpayer X is 100% owner of an S-Corporation. Currently, in ProConnect, there is an amount populating on the K-1, Box 17 code AC.

Based on my understanding of 163(j), since the S-Corp and the partner are not subject to this limitation, how is printing suppressed? Is there any taxable income consideration with printing vs. suppressing this amount?

ProConnect Tax

This topic has been closed for replies.

sjrcpa

Level 15

What's the harm in letting it print?

There are bigger software issues than this.

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

T

tccpg289Author

Level 5

I have no reason to believe it will impact tax on the 1040. However, I have seen previous posts of it creating additional self-employment tax.

What are these bigger issues you speak of?

sjrcpa

Level 15

If you read through the posts here you will see complaints about all sorts of things -8915F not available; losses not being limited to basis, etc.

I do not see how that K-1 information would impact SE tax at all.

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

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