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I have an amount on the S Corp Schedule K-1 Line 17AC Which is transfering into the personal tax return as self employment income. I should not have self employment

t-ogle
Level 1
The S-corp income should not have self employment income because there is wages in the return.  did a law about S Corps change
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6 Replies 6
TaxGuyBill
Level 15

Somebody else mentioned the same thing earlier this week.  It seems like a program error to me.

abctax55
Level 15

Nope, there's no "new" law regarding S-Corps.

17-AC is the gross receipts amount, to be used for 'business interest' computations on Form 6??? (?).

It appears at this stage to be a programming error.

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sjrcpa
Level 15

It's not self employment income. Look at the codes for the 1120S K-1.

The input screen in Lacerte 1040 is misleading. Just don't enter it in either of the 17AC lines.

Earlier today I replied to the other post about this, but of course cannot find it now because the search function here sucks.


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abctax55
Level 15

I replied somewhere/sometime too - but nope, couldn't find it.

There was also a reply by Phoebe...couldn't find that either.

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sjrcpa
Level 15

Here is one

Solved: Re: Why is the gross income input in Screen 13 flo... - Intuit Accountants Community 

I remember Phoebe commenting, too. Can't find that one.


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safcpa
Level 2

I saw that as well and have assumed it is a programming error.

 

I tried the export K-1 feature and it did not show up on the individual return as SE income