tbay
Level 1
02-12-2021
07:22 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
1120S K-1 is showing in box 17 code AC , all the S-Corps gross receipts. When transforming the K-1 input to the individuals tax return it calculating self employment income and taxes. How do I correct
Solved! Go to Solution.
sjrcpa
Level 15
02-12-2021
11:31 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Don't input into that field on the individual return. It is not self employment income. Intuit might correct this one day.
Ex-AllStar
tbay
Level 1
02-12-2021
01:00 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thanks, That is what I was going to do. I guess we are hoping Lacerte corrects this. I am in no hurry t do the Sub S corps or the individuals yet.
Thanks again for the quick response. Good Luck this tax season.
sjrcpa
Level 15
02-12-2021
01:18 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You're welcome. Good luck to you, too. We're all going to need it.
Ex-AllStar
