Question

1120S k-1 box 17 code k

Forum|Forum|5 years ago
August 16, 2020
1 reply
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2018 form 1120S schedule k-1 box 17 code k has several assets listed. Under sale info i have cost/basis, section 179, and on a few assets AMT gain/loss adjustment and I'm not sure I am entering it correctly! Please help!

TurboTax Home & Biz Windows

A

Anonymous_

Employee

You might have better luck entering this in Forms Mode.

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B

bkerkstra

I am having the same issue - I have a schedule K-1 Box 17, Code K - Shareholder's Disposition of Section 179 Property that has an entry under "AMT Gain/loss adjustment". There does not appear to be a line item in the "Step by Step" interview or the form to put this value.

PatriciaV

Employee

@bkerkstra Yes, you are correct. The interview for Schedule K-1 does not include input for the AMT adjustment. Instead, go to Other Tax Situations >> Alternative minimum tax.

Choose "I need to make an AMT adjustment to my investment income or expenses."

Enter the amount from Sch K-1 Box 17, Code K under the appropriate section for AMT (investment income, expenses, disposition of property, etc.). If you don't know the source of the AMT adjustment, contact the company that provided your Schedule K-1 for guidance.

To review your AMT, go to Forms and search for Form 6251.

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