Polk
Level 1
02-09-2021
02:32 PM
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In preparing an 1120S Schedule K-1, the gross receipts show up in in box 17 AC. If this is input on the taxpayer's 1040, this causes self-employment income to be calculated. What if anything, are other preparers doing to override this? Even if I override the box for 448 c with a -1, the gross receipts show up in the statements support. Is there somewhere in the ProConnect software to override this showing up in the statements?
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2 Comments 2
Level 11
02-09-2021
02:45 PM
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Or if you do enter it, enter it in a field that is looking for gross receipts, not one looking for SE tax.