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In 2020 Lacerte there is no longer a line for Box 20, Code AG. This existed in the 2019 program.
Does anyone know where this is entered now, if at all?
Thank you for any replies.
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Anyone?
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20AG is Gross receipts for section 448(c). If 448(c) is relevant to your taxpayer, you should take that amount into account in determining whether it applies.
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Thank you Phoebe. Section 448(c) appears to be related to whether or not the taxpayer is permitted to use the cash method of accounting.
I'm just confused as to where that number would go in Lacerte. Someone suggested that it is a 199A(g) deduction. This is definitely not the case, and I'm confused as to where this number (over $40k) in my client's case would go if it's related to the method of accounting.
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I think that maybe the amount shown in Box 20 Code AG is the actual gross receipts and we are supposed to use that number to make sure it is not over the limitation (which I think is about $25,000,000). So I think it's a non-factor in my case.