Schedule K-1 (Form 1120-S) - Other Information (Box 17)

Box 17 - Other Information

Code A - Investment income

This amount will need to be manually entered by going to Federal >> Deductions >> Itemized Deductions >> Less Common Deductions >> Investment Interest. This amount will pull to Form 4952, line 4a. 

Code B - Investment expense

The amount reported in Box 17, Code B will pull to line 5 of Form 4952. 

Code C - Qualified rehabilitation expenditures (other than rental real estate) Not Supported

The corporation will report the taxpayer's share of qualified rehabilitation expenditures and other information needed to complete Form 3468 for property not related to rental real estate activities in Box 17, Code C. 

Code D - Basis of energy property Not Supported

The amount reported in Box 17, Code D may be needed to calculate the Investment Credit available on Form 3468.

Code E - Recapture of low-income housing credit (section 42(j)(5)) Not Supported

Amounts reported in Box 17, Code E represent the Low-Income Housing Credit recapture amount due to a disposition or basis change, typically for an investment by the corporation in a partnership that has more than 35 partners, and this amount may be reported on Form 8611.

Code F - Recapture of low-income housing credit (other) Not Supported

Amounts reported in Box 17, Code F represent the Low-Income Housing Credit recapture amount due to a disposition or basis change typically for an investment by the corporation in a partnership that has less than 35 partners and this amount may be reported on Form 8611. 

Code G - Recapture of investment credit Not Supported

The amount reported in Box 17, Code G may need to be reported on Form 4255. No amount entered in this field will flow to the Form 4255. 

Code H - Recapture of other credits Not Supported

The amount reported in Box 17, Code H represents the recapture of other business credits that may need to be reported on Form 1040. 

Code I - Look-back interest - Completed long-term contracts Not Supported

Amounts reported in Box 17, Code I are reported on Form 8697.

Code J - Look-back interest - Income forecast method Not Supported

Amounts reported in Box 17, Code J are reported on Form 8866. 

Code K - Dispositions of property with section 179 deductions Not Supported

Amounts reported in Box 17, Code K may need to be reported on Form 4797.  

Code L - Recapture of Section 179 deduction Not Supported

Amounts reported in Box 17, Code L represent the taxpayer's share of any recapture of section 179 expense deduction if the business use of the property dropped to 50% or less. 

Code M - Section 453(l)(3) Information Not Supported

Amounts reported in Box 17, Code M represent the taxpayer's share of taxes as a result of the sale of certain class of assets (residential lots and timeshares) on an installment basis. 

Code N - Section 453A(c) Information Not Supported

Amounts reported in Box 17, Code N represent the taxpayer's share of taxes as a result of the gain on sale of certain assets (property with a sales price over $150,000) on an installment basis. 

Code O - Section 1260(b) Information Not Supported

Amounts reported in Box 17, Code O represent the taxpayer's share of taxes as a result of the gain on the sale of assets on an installment basis. 

Code P - Interest allocable to production expenditures Not Supported

Amounts reported in Box 17, Code P represent the information that the taxpayer needs to capitalize any interest related to production expenditures under Section 263A. 

Code Q - CCF nonqualified withdrawals Not Supported

Amounts reported in Box 17, Code Q represent the taxpayer share of nonqualified withdrawals from a capital construction fund (CCF). These withdrawals are taxed separately from the taxpayer's other gross income at the highest marginal ordinary income or capital gains tax rate. 

Code R - Depletion Information - Oil & gas Not Supported

Amounts reported in Box 17, Code R represent information the taxpayer needs to figure their share of any depletion deduction. 

Code S and T - Reserved for future use.

Code U - Net Investment Income Not Supported

An amount reported in Box 17, Code U is the information that is provided to the taxpayer to determine their net investment income tax under section 1411. See the shareholder's instructions provided by the corporation for further information on the treatment that these items will receive and the Instructions for Form 8960 - Net Investment Income Tax.

Code V – Section 199A information 

Amounts reported in Box 17, Code V is ‘Qualified Business Income” which is generally defined as income that is related to the corporation's business activities and it does not include investment income or the reasonable compensation paid to the shareholders for services rendered to the corporation. This amount will automatically pull to the applicable Qualified Business Income Deduction (‘QBID’) worksheet under the Tax Computation Menu and used to calculate any QBID.

Codes W through Z - Reserved for future use.

Code AA – Excess taxable income

Amounts reported in Box 17, Code AA is the excess taxable income determined by the corporation for the purpose of the limitation placed on the corporation's ability to deduct business interest. 

Code AB – Excess business interest income

Amounts reported in Box 17, Code AB is the excess business interest income determined by the corporation for the purpose of the limitation placed on the corporation’s ability to deduct business interest. 

Code AC - Gross receipts for section 448(c) Not Supported

Box 17, Code AC are the gross receipts amount to figure the business interest expense you can deduct, if applicable. 

Codes AD through AI - Reserved for future use.

Codes AK through AM - Reserved for future use

Additional Information

• Shareholder's Instructions for Schedule K-1 (Form 1120S)