Box 14 - International Transactions - Not Supported
Box 15 - Alternative Minimum Tax (AMT) Items
Alternative Minimum Tax items are found on Box 15 of the Schedule K-1 (Form 1120S).
Code A - Post-1986 Depreciation Adjustment
This amount will automatically pull to line 2l of Form 6251.
Code B - Adjusted Gain or Loss
This amount will automatically pull to line 2k of Form 6251.
Code C - Depletion (Other than Oil & Gas)
This amount will automatically pull to line 2d of Form 6251.
Code D - Oil, Gas & Geothermal Properties - Gross Income
The amount reported in Box 15, Code D is the gross income allocable to oil, gas, and geothermal properties that was included in Box 1 of the Schedule K-1. The taxpayer should use the amounts reported and any amounts on any attached statement to determine the net amount to enter on line 2t (Intangible drilling costs preference) of Form 6251. This is a manual entry the taxpayer must make. To do so, go to: Federal > Other Taxes > Alternative Minimum Tax (AMT) > Enter the amount from code D in the box labeled "Other adjustments, including income-based related adjustments."
Code E - Oil, Gas & Geothermal Properties - Deductions
The amount reported in Box 15, Code E is the deductions allocable to oil, gas, and geothermal properties that was included in Box 1 of the Schedule K-1. The taxpayer should use the amounts reported and any amounts on any attached statement to determine the net amount to enter on line 2t (Intangible drilling costs preference) of Form 6251. This is a manual entry the taxpayer must make. To do so, go to: Federal > Other Taxes > Alternative Minimum Tax (AMT) > Enter the amount from code D in the box labeled "Other adjustments, including income-based related adjustments."
Code F - Other AMT Items
Amounts reported in Box 15 using code F are items that should be reported on Form 6251 based on the information provided by the corporation. This is a manual entry the taxpayer must make. To do so, go to: Federal > Other Taxes > Alternative Minimum Tax (AMT) > Enter the amount from code D in the box labeled "Other adjustments, including income-based related adjustments."
Box 16- Items Affecting Shareholder Basis
Code A - Tax-Exempt Interest Income
This amount will automatically pull to Form 1040, line 2a.
Code B - Other Tax-Exempt Income - Manually adjust your basis
This amount is not reported on Form 1040. Instead, the taxpayer should increase their adjusted basis in their stock in the corporation by this amount. The corporation should provide the taxpayer with a statement describing the nature of the tax-exempt income and the reason for treating it as tax exempt. To report on Form 7203, go to: Federal > Income (Select my forms) > Less Common Income > K-1 Earnings > Schedule K-1 Form 1120S > Shareholder Stock and Basis Limitation - Form 7203 > Part I. Shareholder Stock Basis > Enter the code B amount in the box labeled "Other items that increase stock basis."
Code C - Non-Deductible Expenses - Manually adjust your basis
This amount is not reported on Form 1040. Instead, the taxpayer should decrease their adjusted basis in their stock in the corporation by this amount. To report on Form 7203, go to: Federal > Income (Select my forms) > Less Common Income > K-1 Earnings > Schedule K-1 Form 1120S > Shareholder Stock and Basis Limitation - Form 7203 > Part I. Shareholder Stock Basis > Enter the code C amount in the box labeled "Other items that decrease stock basis."
Code D - Distributions - Manually adjust your basis
These distributions will reduce the basis in the taxpayer's stock in the corporation. If these distributions exceed the basis of the taxpayer's stock, the excess is treated as capital gain from the sale or exchange of property and is reported on Form 8949 and Schedule D (Form 1040).
Adjust your basis on Form 7203 by going to: Federal > Income (Select my forms) > Less Common Income > K-1 Earnings > Schedule K-1 Form 1120S > Shareholder Stock and Basis Limitation - Form 7203 > Part I. Shareholder Stock Basis > Enter the code D amount in the box labeled "Other items that decrease stock basis."
If the distribution exceeds basis, enter the gain by going to: Federal > Income (Select my forms) > Investments > Stocks, Mutual Funds, Cryptocurrency, Collectibles, etc.
Code E - Repayment of Loans from Shareholders - Manually adjust your basis
This amount represents the repayment of a loan by the shareholder. If these payments are made on a loan with a reduced basis, the repayments must be allocated in part to a return of the basis in the loan and in part to the receipt of income.
Adjust your basis on Form 7203 by going to: Federal > Income (Select my forms) > Less Common Income > K-1 Earnings > Schedule K-1 Form 1120S > Shareholder Stock and Basis Limitation - Form 7203 > Part II. Shareholder Debt Basis
If the repayment generated income, enter the gain by going to: Federal > Income (Select my forms) > Investments > Stocks, Mutual Funds, Cryptocurrency, Collectibles, etc.
Code F - Foreign taxes paid or accrued
This amount is reported on Form 7203 line 46a. To report Form 7203, go to: Federal > Income (Select my forms) > Less Common Income > K-1 Earnings > Schedule K-1 Form 1120S > Shareholder Stock and Basis Limitation - Form 7203 > Complete the "Stock Information" and "Part I. Shareholder Stock Basis" sections.