What is code C on K-1?

Gross Income Sourced at Partner Level (Code C) Enter the total gross income of the partnership that is required to be sourced at the partner level. This includes income from the sale of most personal property other than inventory, depreciable property, and certain intangible property.

What is 16D on a k1?

Line 16D – Property Distributions – This amount represents the property that was distributed to the taxpayer by the corporation. These distributions will reduce the basis in the taxpayer’s stock in the corporation.

Where to find Form 1120-S Schedule K-1?

Schedule K-1 (Form 1120-S) and its instructions, such as legislation enacted after they were published, go to IRS.gov/Form1120S. What’s New List of codes. Most loss, deduction, and credit items reported on the Schedule K-1 may require adjustment based on basis limitations, at-risk limitations, and passive activity

When to use code AC on Form 1120?

In 2020, Form 1120-S, Schedule K-1, line 17, code AC is now used to report the gross receipts amount for section 448 (c). A shareholder needs this information to help determine if they are required to file Form 8990 (the gross receipts test).

How to enter items affecting shareholder’s basis on Form 1120S?

To enter the Items Affecting Shareholder’s Basis from a K-1 (Form 1120S) in TaxSlayer Pro from the Main Menu of the Tax Return (Form 1040) select: K-1 Input and select ‘New’ and double-click on Form 1120S K-1 S Corporation which will take you to the K-1 Heading Information Entry Menu.

How to enter Form 1120S in TaxSlayer Pro?

For additional information regarding the requirements for Schedule K-1 (Form 1120S), see: Shareholder’s Instructions for Schedule K-1 (Form 1120S). To enter the Items Affecting Shareholder’s Basis from a K-1 (Form 1120S) in TaxSlayer Pro from the Main Menu of the Tax Return (Form 1040) select: