Section 199 Deduction W/Single member S-Corp.

[cientax]

Having problem figuring amounts to use on Lines 7 and 13 of Form 8903. These amounts are to be shown on Sck-K1 from S-Corp and flow through to individual. If this is single member, what would the prorated amount be on these two lines. It just doesn't add up to me.

If some one could email me with their phone number, I will gladly call you for help on this issue.

[email protected].

Thanks.

Daniel

[Bill (Wisconsin)]

Daniel,

I'm far from an expert on F8903 (so take this with a grain, or two, of salt), but here goes....

I am presuming here you have the K-1 from the S Corp. The S Corp can report it two different ways:

1) If 12P & 12Q are filled in on the K-1, enter those amounts on F8903, Lines 7 & 13, respectively. Lines 1-6 will be empty, as will line 12. (I'm guessing lines 17 & 18 would also be blank for you)

2) If 12P & 12Q are not specified, then the S Corp must have provided numbers that go on the other lines. I have one S Corp that provided figures that I could plug right into Lines 1, 2, 3, & 12 -- in that case I left Lines 7 & 13 blank. (The ony other lines blank in my case were 4, 17, & 18)

Don't know if this helps at all or not.

(I'm new to this board so don't know if private messages can be sent -- if you'd like to private message me that would be fine.)

Bill

[kcjenkins]

Bill, to send a private message, just click on the member's name, on the left of the post, and you will see several options, one of which is to send a message.

[Bill (Wisconsin)]

Bill, to send a private message, just click on the member's name, on the left of the post, and you will see several options, one of which is to send a message.

I know that! I intentionally responded online for the benefit of peer review (as I stated "I'm far from an expert on F8903") and to hopefully help in getting the thread going (it had been a day and a half with no other responses).

Bill

[kcjenkins]

Well, you ended your post by saying:

(I'm new to this board so don't know if private messages can be sent -- if you'd like to private message me that would be fine.)

So that was why I posted on how to do it.

[Terry D EA]

I believe Bill is correct with his reponse. The only other advice I could give is to complete the 1120S-1 input worksheet. If you enter the figures from the K-1 the S-Corp gave you on the 1120SK-1 input worksheet, they will flow to the 8903. There aren't any pro-rated amounts to enter here. The S-Corp should have figured the deduction amounts.

Terry D.