Form K-1 Box 17 Code A for LLC

[rhondajoy125]

This is our first time using turbo tax for filing our LLC taxes and creating the Schedule k-1. Turbo tax filled in an amount in box 17 (Code A) on the k-1 form.  In previous years, our accountant has never put anything there. Does anyone know how Turbo Tax calculates this amount? The k-1 will flow into our personal taxes and I'm unclear how this will impact our return.  Thanks in advance!

[Mike9241]

17A  arises because the depreciation for regular tax purposes and alternative minimum tax (AMT) purposes differ based on what you entered.  this is likely due to incorrect entries for the AMT depreciation history. don't what you have. I think it was in 1998 that any acquisition of depreciable property after that year had the same life and method for both regimes so there was no longer a difference. 

[rhondajoy125]

thanks, any insight on how I find that history? I don't recall the product asking me about it.... I do rememember that it showed me what it had and it was the same as the regular depreciation. If I can edit that, I will. Do you know if I make it lower by the amount in the box 17 or higher?

[Critter-3 · Accepted solution]

You must have entered assets in the program which prompted the code ... return to the asset entry section to make the correction. 

[rhondajoy125]

thank you. The software was unwilling to allow me to enter a new AMT Depreciation. The work around for me was to delete the asset and resubmit it as there was when I had the opportunity to enter the correct AMT depreciation as the software's calculation was off by the amount of the $ that was flowing to the Schedule K-1.