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Question

Form 1065 Sch K Line 20c

Forum|Forum|4 years ago
February 7, 2022
1 reply
0 views

I'm working on my LLC taxes, and on the error check it says to check this entry: Form 1065 p4-5: Sch K, Line 20c Amt: Other items to report separately must be entered.

It has highlighted AG Gross Receipts for section 448(c).

I don't ever remember doing this. What do I enter here? I have a very simple computer repair side business.

TurboTax Business Windows

ideal_trucksAuthor

Any thoughts on this? I'm no tax person, but from reading this has to do with my gross receipts being less than 25M. I'm only about 40k a year. Do I just enter the total of all the money I've taken in during this year?

You would enter your gross receipts. The program needs to know if they are under $25,000,000 to determine if you can use the cash basis of accounting.

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The program asked if my company and gross revenue of 25,000,000. So why this issue and on only one item. Sounds like a glitch to me.