There should be a statement, either at the bottom of the K-1 or on a separate sheet, that contains the extra information you need to enter the Code AC detail.On the screen, Check Boxes That Have an Amount be sure to mark the box Box 17 Info and click Continue.On the screen, Enter the Box 17 Info, enter code AC and the dollar amount and click Continue.On the next screen, Enter Code AC Detail, enter the amounts for the categories listed and click Continue.On the next Enter Code AC Detail, enter the description and amount of categories not listed on the first screen and click Continue. These amounts will not automatically flow into your return. Instructions for entering the amounts in TurboTax appear on the next screen, How to Enter Code AC Information.

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mgsmc

Solved

Line 17 on K-1 has AC* and STMT in box. What do I do with that, it says see shareholders information. Where do I find that. Thanks

Forum|Forum|6 years ago
June 4, 2019
6 replies
0 views

No text available

TurboTax Deluxe Windows

Best answer by Irene2805

There should be a statement, either at the bottom of the K-1 or on a separate sheet, that contains the extra information you need to enter the Code AC detail.

On the screen, Check Boxes That Have an Amount be sure to mark the box Box 17 Info and click Continue.
On the screen, Enter the Box 17 Info, enter code AC and the dollar amount and click Continue.
On the next screen, Enter Code AC Detail, enter the amounts for the categories listed and click Continue.
On the next Enter Code AC Detail, enter the description and amount of categories not listed on the first screen and click Continue. These amounts will not automatically flow into your return.
Instructions for entering the amounts in TurboTax appear on the next screen, How to Enter Code AC Information.

Irene2805

What type of entity issued the K-1? partnersip, S-Corp, or Estate/Trust?

mgsmcAuthor

s-corp

Irene2805Answer

There should be a statement, either at the bottom of the K-1 or on a separate sheet, that contains the extra information you need to enter the Code AC detail.

On the screen, Check Boxes That Have an Amount be sure to mark the box Box 17 Info and click Continue.
On the screen, Enter the Box 17 Info, enter code AC and the dollar amount and click Continue.
On the next screen, Enter Code AC Detail, enter the amounts for the categories listed and click Continue.
On the next Enter Code AC Detail, enter the description and amount of categories not listed on the first screen and click Continue. These amounts will not automatically flow into your return.
Instructions for entering the amounts in TurboTax appear on the next screen, How to Enter Code AC Information.

thurdday

This doesn't answer the question. The statement has 3 different numbers:

Ordinary business income $1.00

W-2 wages $ 1.00

Qualified property $1.00

Now which amount goes for which code?

I have 2 codes V and AC

AliciaP1

You've posted on an old thread, but I'm assuming you're trying to determine how to enter your Form 1120S Schedule K-1 when codes V and AC are listed with blank amounts or *STMT* in box 17. You should mark that you have information in box 17 and list the codes on 2 separate lines. Leave the amount for Code V blank but Code AC should have an amount on your K-1. If it does not, enter 0 for Code AC.

Code V in box 17 relates to the statement information you have shown above and once you progress through entering the K-1, TurboTax will have a screen We see you have Section 199A income and this is where it starts to walk you through entering the information on the statement you show in your post.

@thurdday

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

mpzmbz

The K-1 I received (S Corp) shows "STMT" in Box 17, Code AC. The supporting documentation for this shows Gross Receipts each for the year 2019, 2018 and 2017. So what do I put into the box in Turbo Tax?

Anonymous

I have the exact same question. Is there an answer yet from anyone?

WendyN2

Typically, it is explained to you in additional information (supplementary) that should have been provided to you along with your K1. If you did not receive this additional supplemental information, and do not wish to or are not able to contact the provider of the K1, here are some bit of information that will help guide you through a better understanding of this code as it relates to Box 17 on your K1...

IRS K1 specifically pages 20-24

BOX 17: 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.

The section 163(j) limitation is applied at the partnership level. As provided in Q/A 1, the amount of deductible business interest expense in a taxable year cannot exceed the sum of the partnership's business interest income, 30% of the partnership's ATI, and the partnership's floor plan financing interest expense. Sep 24, 2020

IRS Section 163(j)

IRS Instructions for Form 8990

runningdeer43

What about the next line up - V?

runningdeer43

I have a similar problem with K-1 Line 17 with the "V" entry. I have the required data but when I enter it using the right click to open a supplemental listing the Program marks it as an error. Should I just override the error?