Question

Form 8881 on Individual Return

Forum|Forum|2 years ago
February 26, 2024
1 reply
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I have a S corp K1 and it has $500 credit on Line 13 af of K1 attachment for form 8881 Part II, auto enrollement credit.

How to enter this credit in individual return? When i enter K1 info on Turbortax, there was no question or place to enter this credit info.

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PatriciaV

Employee

The amount on Schedule K-1 Box 13 Code AF is carried over to Form 3800, Part I Line 1 and further described in Part III for Form 8881, Part II. You don't need to enter this credit anywhere else on your return. Note that this is a non-refundable credit, so you must have tax due on Form 1040 Line 16.

The IRS Shareholder's Instructions for Schedule K-1 (Tip) indicate that if the only source of a credit on Form 3800 is a partnership, S-Corp, estate, or trust, you aren't required to complete the applicable credit form (in this case Form 8881). Instead, the credit is added to Part III on Form 3800 with the EIN of the entity from which the credit arose.

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V

vikalp77Author

Thanks for reply. Its clear.

So In my case it seems I need form 3800 on my S corp business return. Once I have that, how should I enter this information for individual return. I see that it flows to Schedule 3 line 6, but in turboTax how do I enter that.

I checked in wages and income and only place to enter information is Schedule K1. So which section I enter this information so that It gets populated on schedule 3.

CatinaT1

As PatriciaV mentions, when you enter your K-1 for your personal return, it will automatically flow to the appropriate schedules. "You don't need to enter this credit anywhere else on your return."

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