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Business & farm
In TurboTax Desktop Home and Business, I am able to enter K-1 amounts for 16B and 16C and the amounts in 17AC and 17V.
The tax return Smartchecks and meets Review. I am able to view the 1040 and see the QBID.
All entries were entered in the step-by-step process.
I also reversed 16B and 16C and 17V and 17AC and the software returned no problems.
I did find this TurboTax Help concerning K-1, box 17, codes AC and AD. I did not experience the issue that it outlines but, perhaps you are experiencing it.
Under the gross receipts test under Sec. 448(c), a taxpayer's average gross receipts for the previous three years must not exceed $25 million ($5 million prior to enactment of the TCJA).
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March 10, 2021
9:08 AM