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New Member
posted Sep 5, 2021 3:29:34 PM

Has anyone gotten a limitation error of entering gross receipts for section 448c? Box 17 AC of K1 - It won't go above 9,999,999.

0 7 1540
7 Replies
Level 7
Sep 5, 2021 5:31:34 PM

The desktop version of the software often can process a higher number than the online.  I would suggest you contact the helpdesk and ask it a higher number can be entered in that field then on desktop.   

Level 15
Sep 6, 2021 2:23:00 AM

the desktop version goes up to 999,999,999,.  however, did you read what the * means?  not provided for in the program. what 448 says is that after aggregating the average annual gross receipts for certain entities for the 3-taxable-year period ending with the taxable year which precedes such taxable year exceeds $25,000,000 (as adjusted)  that entity or those entities must use the accrual basis.  this is worthless input from a Tubotax 1040 standpoint. it's the taxpayer that needs to figure out whether their entity or group of related entities is subject to 448 and therefore must use the accrual method of accounting.   there are no calculations with regard to this code section that needs to be done on your 1040.

 

 

Level 15
Sep 6, 2021 6:15:04 AM

The TT program meant to handle 90% of situations but not 100% ... some things will never be handled by any DIY program and will either need a professional program or  manual overrides in the FORMS mode of the downloaded version.   

 

From a cost effectiveness point of view (since TT is a for profit public company) there are some things the program will never handle since they are so uncommon it doesn't make fiscal sense to dedicate staff to those forms and/or they are too difficult to integrate.  Even my professional program will not handle some unusual situations and manual entries must be calculated and entered on the forms directly.  

Level 2
Apr 8, 2023 5:56:21 PM

Does that mean you have to print the whole TT and mail it in? Can you complete K-1 w/o it.

Level 2
Apr 8, 2023 6:01:36 PM

I have a 3 years, 2019- 2021, totaling to $8573. Can I just enter the lump sum? There is no entryy for dates on the form.

Expert Alumni
Apr 9, 2023 6:57:11 AM

Please clarify what version of TurboTax you are using and where you wish to enter the lump sum amount (for what purpose/form).

 

@corilou1 

Level 2
Apr 10, 2023 11:27:36 AM

I find that I don't need it. Was for a dissolution of an out-of state family corporation, and the 448c actually applied to the corporation itself, not the individual shareholders.

Thanks!