where to enter code ag

Forum|Forum|1 year ago
September 26, 2024
2 replies
26 views

i'm entering an individuals partnership k-1 information. Box 20 with code AG for gross receipts section 448c. It says it's not provided for in the program and to manually enter on appropriate tax form. Where am I supposed to enter this information?

ProSeries Professional

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sjrcpa

Level 15

Wherever you may need Gross Receipts

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

J

jnfsgAuthor

Level 2

The K1 already has ordinary income. Where does this gross receipts come from?

abctax55

Level 15

GROSS receipts are not the same as the income/loss shown on the K-1.

Some states require this info.

HumanKind... Be Both

T

Terry53029

Intuit Community Champion

It may or may not apply to your client. Here are a couple of links for you to see if it applies to your client.

chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.irs.gov/pub/irs-pdf/i1065sk1.pdf.

https://www.irs.gov/newsroom/faqs-regarding-the-aggregation-rules-under-section-448c2-that-apply-to-the-section-163j-small-business-exemption

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