topic Form 1065 Sch K Line 20c in Business & farm

Form 1065 Sch K Line 20c

ideal_trucks — Mon, 07 Feb 2022 01:37:06 GMT

I'm working on my LLC taxes, and on the error check it says to check this entry: Form 1065 p4-5: Sch K, Line 20c Amt: Other items to report separately must be entered.

It has highlighted AG Gross Receipts for section 448(c).

I don't ever remember doing this. What do I enter here? I have a very simple computer repair side business.

Re: Form 1065 Sch K Line 20c

ideal_trucks — Tue, 08 Feb 2022 00:31:55 GMT

Any thoughts on this? I'm no tax person, but from reading this has to do with my gross receipts being less than 25M. I'm only about 40k a year. Do I just enter the total of all the money I've taken in during this year?

Re: Form 1065 Sch K Line 20c

ThomasM125 — Tue, 08 Feb 2022 00:53:16 GMT

You would enter your gross receipts. The program needs to know if they are under $25,000,000 to determine if you can use the cash basis of accounting.

Re: Form 1065 Sch K Line 20c

Skiterry — Tue, 15 Feb 2022 04:17:44 GMT

The program asked if my company and gross revenue of 25,000,000. So why this issue and on only one item. Sounds like a glitch to me.

Re: Form 1065 Sch K Line 20c

annechambers330 — Sat, 11 Feb 2023 20:00:56 GMT

I was able to modify the form in the 'error checking' stage and remove the information that auto-populated in that line all together for the box checked and description. Then it let me proceed with filing.