02-09-2021 02:32 PM
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?
2 Comments 2
02-09-2021 02:45 PM
Or if you do enter it, enter it in a field that is looking for gross receipts, not one looking for SE tax.