Re: I am completing an 1120S and the Gross receipts from line 1 are pulling into the K1 line 17 (AC). Is this new?

triport406 · ‎03-12-2021

sjrcpa · ‎03-12-2021

Yes

Ex-AllStar

triport406 · ‎03-12-2021

Any idea why? Is it correct? It affects their self employment tax on the 1040. When the return is done is TurboTax it does not put this into 17 (ac). I'm new to ProConnect, so trying to understand the difference.

PhoebeRoberts · ‎03-12-2021

It doesn't affect their SE tax. Don't put a number labeled "gross receipts" into an input field labeled "self-employment income."

I am completing an 1120S and the Gross receipts from line 1 are pulling into the K1 line 17 (AC). Is this new?

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