02-13-2021 10:41 AM
I HAVE A K1 FROM AN S CORP. ON LINE 17 IT SHOWS CODE AC. ON THE ENTRY PAGE FOR FORM 1040 THERE IS NO LINE 17 CODE AC. HOW DO YOU REPORT THIS FIGURE, THE AMOUNT ON SAID KINE INCLUDES GAIN ON SALE OF BUSINESS.
2 Comments 2
02-13-2021 11:01 AM
On what forms in the 1040 do you think this amount is needed?
P.S. I'm glad you're not saying it is for SE tax.
03-08-2022 07:06 PM
I am have the same issue. It is on the Sch. K-1. I do not know where the number comes from and it should not be there. Please, help as I need to process the return and do not want to process it with this number in there I cannot explain.