Help Sch K-1 1120-s

[SueBaby]

My software Drake does NOT have a code C for #16 ; they only have the A and D. Now what? I called Drake and they said they are with the IRS and only have the codes A and D. I NEED a code C and can't override it at all. What do I do? Use a D? I can't leave it blank.

Last year they had all the codes and now this year only A and D. So what to do? Thanks alot with this because I don't want to leave blank but not to use A or D either.

[taxmandan]

K-1 1120S Instructions, pg. 12: Code C. Nondeductible expenses. The nondeductible expenses paid or incurred by the corporation are not deductible on your tax return. Generally, you must decrease the basis of your stock by this amount.

Doesn't need to show up on the tax return anywhere. It is for information only as needed to adjust basis.

[SueBaby]

K-1 1120S Instructions, pg. 12: Code C. Nondeductible expenses. The nondeductible expenses paid or incurred by the corporation are not deductible on your tax return. Generally, you must decrease the basis of your stock by this amount.

Doesn't need to show up on the tax return anywhere. It is for information only as needed to adjust basis.

Oh did not know that. Thank you very much for that information; that I will remember next time. Alot of unnecessary scratching my head for nothing.

[AZ-Tax]

I checked ProSeries and I have C on #16 of K-1

I checked my ProSereis tax software and I have C on #16 of K-1.

[SueBaby]

I checked my ProSereis tax software and I have C on #16 of K-1.

I had C on #16 last year with Drake but this year I do not. Why---don't know. Only A and D. Weird, but true. Maybe all Drake users out there will have the same problem.

[David1980]

Sometimes they'll remove codes if the code doesn't do anything. Otherwise they may have unsupported codes or codes you need to manually enter somewhere else and if you type it on the K-1 screen you could easily assume it's done. Where as if you can't type it there, you do the research to find out where to actually enter it.