S-Corp Shedule K-1 Line 17 AC - I can't get the gross receipts amount to show up

[brotherhaslip]

I am trying to finish up my 1120 for my S-Corp.  I have been trying to follow what an accountant has done for my business in previous years.  They would fill out the Schedule K-1 Line 17 AC with the amount of my gross receipts for the year.  When I try to do that on the TurboTax Business Desktop, the amount isn't showing up anywhere.  I clicked to add supporting details, and it allows me to type in a description and amount, but then that info doesn't show up anywhere when I go to print out a preview of my return.  I see if I select the extra worksheets, that the gross receipts does show up on a worksheet, but I'm used to seeing the amount on the first page of the K-1 Line 17 AC.  Is this not required to show up there?

[Critter-3]

Do you really need this ?  

https://www.irs.gov/instructions/i1120ssk

Code AC. Gross receipts for section 448(c) Use the gross receipts amount to figure the business interest expense you can deduct, if applicable. See section 163(j) and the Instructions for Form 8990 for details.

[Critter-3]

Or did he put 2 separate codes in box 17 ?

Code A. Investment income.

 

Report this amount on Form 4952, line 4a.

Code B. Investment expenses.

 

Report this amount on Form 4952, line 5.

Code C. Qualified rehabilitation expenditures (other than rental real estate).

 

The corporation will report your share of qualified rehabilitation expenditures and other information you need to complete Form 3468 for property not related to rental real estate activities in box 17 using code C. Your share of qualified rehabilitation expenditures related to rental real estate activities is reported in box 13 using code E. See the Instructions for Form 3468 for details. If the corporation is reporting expenditures from more than one activity, the attached statement will separately identify the expenditures from each activity.

Combine the expenditures (for Form 3468 reporting) from box 13, code E, and from box 17, code C. The expenditures related to rental real estate activities (box 13, code E) are reported on Schedule K-1 separately from other qualified rehabilitation expenditures (box 17, code C) because they are subject to different passive activity limitation rules. See the Instructions for Form 8582-CR for details.

[brotherhaslip]

They put "AC" and "V" in line 17.  AC for the gross receipts dollar amount, and V I think to indicate a statement for the QBI.  I see not when reading the IRS publication that AC is only needed for interest deduction, which we have no need for.  So it looks like this was something that they had put on there that didn't need to be there.  Thank you for your assistance on this.  I'm just trying to make sure I'm doing it right, and this is the first time my business taxes.

[JCMA25]

@brother 

@Critter-3 

Did you ever figure this out?  Same issue for my S Corp on TT Desktop.  I cannot find a way to get AC to appear in box 17 after going to print preview.  Every other year I have had the k-1 list V & AC in box 17.   2022 has V & AC both listing * STMT  (Gross Receipts section 448 on the following statement page)

[brotherhaslip]

I have no idea.  Hopefully I got it figured out somehow.  It seems the way things go for me is when I first go through my taxes, I have lots of questions about things.  Then when I get back to it a week later, I no longer remember what the problems were.  I'm sure there are lots of mistakes that I'm making, but the error check gives me the okay, so in the end I just submit it.

[PatriciaV]

According to IRS Instructions for Form 1120S Schedule K-1 Box 17 Code AC:

"Use the gross receipts amount to figure the business interest expense you can deduct, if applicable. See section 163(j) and the Instructions for Form 8990 for details."

TurboTax does not support Form 8990. You would need to enter this manually using the form from the IRS. See About Form 8990, Limitation on Business Interest Expense Under Section 163(j).

@JCMA25