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I am preparing the K-1. What code do I use for cash contributions to a 501c3.? Is it A or G?
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What are the rules for 100% donations?
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"What are the rules for 100% cash donations by S Corps?"
(fixed it for you)
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please confirm- cash contributions to a 501c3 are now code G? even if not a disaster area?
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https://www.irs.gov/instructions/i1120s#idm140355079185616
https://www.dinesentax.com/s-corporations-charitable-contributions-brief-overview/
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Those articles do not answer my question. The IRS article was dated 2019 and the other article did not mention the K-1 codes.
Please provide a more direct answer to my question. Regarding the S corp K-1, are cash contributions to a 501c3 in box G or A?
I am only looking for a Letter response. G or A
That simple!
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"The IRS article was dated 2019"
It states clearly at the top it is for 2020.
"Instructions for Form 1120-S (2020)
U.S. Income Tax Return for an S Corporation"
"and the other article did not mention the K-1 codes."
But the first one, the Actual Instructions, have it. First, you use Find, and search for "cash contributions" and I set mine to Highlight All. You find this:
"Certain cash contributions made in 2020 or 2021.
...See Line 12a. Charitable Contributions under Specific Instructions for Schedules K and K-1."
And then, change your find to "Line 12a" and read this part:
"Line 12a. Charitable Contributions"
And below this heading is this subheading: "The codes needed for Schedule K-1 reporting are provided for each category."
And then you keep reading.
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