What do I enter for "Gross receipts for section 448 (c)"?

Forum|Forum|4 years ago
February 7, 2022
1 reply
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After nearly completing my return, Turbo Tax Business discovered a single error.

The error took me to Form 1065 P4-5, Under line-item 20E, it wanted me to enter a value for "AG - Gross receipts for section 448 (c)". What do I enter? I never had to do this before. Thank you.

Best answer by PatriciaV

TurboTax should calculate this number for you. Generally, you can enter the number that appears on Form 1065 Line 1a Gross receipts or sales.

For more info see: IRS Instructions for Form 1065 (2021).

[Edited 3/3/2020 | 6:50 AM PST]

PatriciaVAnswer

Employee

TurboTax should calculate this number for you. Generally, you can enter the number that appears on Form 1065 Line 1a Gross receipts or sales.

For more info see: IRS Instructions for Form 1065 (2021).

[Edited 3/3/2020 | 6:50 AM PST]

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idangoldAuthor

So since this is only "Gross receipts or sales" and my company did not sell anything during 2021 (as we're currently in development mode only), then I can leave this as 0 (which is what TurboTax did input in line 1a as well)? And also remove "AG" from line 20E?

Thank you!

ThomasM125

Section 448 refers to qualifying to use the cash method of accounting, which can be limited based on your gross receipts. You can leave the AG abbreviation there, and just enter -0- for the gross receipts.

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