Darknessfall5
Level 2

Hello Group

I have a question on where the Line 17 AC option goes on Protaxconnect, I don't see an option and I don't really know if this is something that I need to enter or just informative for the IRS.

 

I will like to ask for help to see if someone  can advance me to see if this is necessary to be enter and if so, please let me know in what field it goes

 

Thanks  

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George4Tacks
Level 15

What type of k-1 are you trying to work with? Is your question about entering into a 1040 return? 


Answers are easy. Questions are hard!
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Darknessfall5
Level 2

Is an S-Corp

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George4Tacks
Level 15

Probably does not affect your 1040 client

Code AC. Gross receipts for section 448(c) Use the gross receipts amount to figure the business interest
expense you can deduct, if applicable. See section 163(j) and the Instructions for Form 8990 for details.


Answers are easy. Questions are hard!

View solution in original post

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nononono
Level 2

Unless your client is subject to a §163(j) limitation then it doesn't matter for your client

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LEHM
Level 1

I have the same problem with my S-corp but I do have interest expense that might be subject to §163(j) limitation, so what can I do?

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