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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
Best Answer Click here
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What type of k-1 are you trying to work with? Is your question about entering into a 1040 return?
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Is an S-Corp
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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.
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Unless your client is subject to a §163(j) limitation then it doesn't matter for your client
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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?