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- Neither S-Corporation Nor Shareholder Subject to 163(j) - How to Suppress on K-1?
Neither S-Corporation Nor Shareholder Subject to 163(j) - How to Suppress on K-1?
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tccpg289
Level 4
03-10-2023
05:36 PM
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Taxpayer X is 100% owner of an S-Corporation. Currently, in ProConnect, there is an amount populating on the K-1, Box 17 code AC.
Based on my understanding of 163(j), since the S-Corp and the partner are not subject to this limitation, how is printing suppressed? Is there any taxable income consideration with printing vs. suppressing this amount?
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3 Comments 3
tccpg289
Level 4
03-10-2023
07:21 PM
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I have no reason to believe it will impact tax on the 1040. However, I have seen previous posts of it creating additional self-employment tax.
What are these bigger issues you speak of?
sjrcpa
Level 15
03-10-2023
08:05 PM
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If you read through the posts here you will see complaints about all sorts of things -8915F not available; losses not being limited to basis, etc.
I do not see how that K-1 information would impact SE tax at all.
The more I know, the more I don't know.
