S corp 8936 and 8936 A

[Countingcat]

I have downloaded and filled out 8936 and schedule A. The forms were not available through Turbo Tax business so I had to download directly from IRS.  I do not see any way to attach the forms to the return. Also, what info needs to be completed to add the information to the Schedule K's? Does it affect basis? What fields need to be altered for that info?

[PatriciaV · Accepted solution]

Once you have calculated the amount on Form 8936 Part II Line 8, you can enter this using Forms Mode in TurboTax on Form 1120S p5-6 Line 13 (under Credits) in the extra line below Code O. Use the drop-down to select Code AY (New Clean Vehicle Credit) then enter the amount in the box to the right. The total will be allocated to all partners on Form 1120S Schedule K-1 Box 13 Code AY.

TurboTax Business does not support PDF attachments for e-filed returns at this time. You can still e-file your return, but you'll need to mail a paper copy of Form 8936 and Statement A to the IRS along with Form 8453, which you can print using Forms Mode.

Mail these completed forms to the IRS at the address below by the tax-filing deadline:

Internal Revenue Service

Attn: Shipping and Receiving, 0254

Receipt and Control Branch

Austin, TX 73344-0254

[Countingcat]

Still a little confused as to where this goes. 

Shareholder basis worksheet - D other business credits or F Other items that decrease stock basis? (F would flow to line 13 on the the Shareholder Stock Basis Part 1

Then:

Manually override and add the amount to Schedule K-1 line 13 with Code AY

I have no idea where Code O is. Are there pictures somewhere? 

[Countingcat]

OK. I found the line on page 1120S p3. It's under 13 below code A. ( the code O was throwing me off). That flowed to the Schedule K's and no effect on Shareholder Basis. All made sense after I slept on it and had my morning coffee. 😁 Thank you Patricia.