Schedule K-1 (Form 1120-S) - Credits, AMT and Items Affecting Basis (Boxes 13-16)

Box 13 - Credits

Code O - Backup Withholding

Taxpayer's share of the credit for backup withholdings on dividends, interest income, and other types of income. This amount automatically pulls to Form 1040, Line 25c and a statement will be submitted with the return that identifies the corporation's name, address, EIN, and the backup withholding amount.

All other Box 13 entries are not supported. Please see the link at bottom of this page for information on unsupported boxes. 

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. 

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. 

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. 

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.

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.

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).

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.

Code F - Foreign taxes paid or accrued

This amount is reported on Form 7203 line 46a. 

Additional Information

• Box 17 Other Information
• Shareholder's Instructions for Schedule K-1 (Form 1120S)
• How Do I Report the 1120-S Entries That Are Not Shown in the Program?