This article focuses solely on the "Credit and Other Information" section of the Schedule K-1 (Form 1120-S) entry window in TaxSlayer ProWeb.
Box 13 Credits
13A Zero-emission nuclear power production credit - An amount reported in Box 13, Code A represents the allowable zero-emission nuclear power production credit. This amount needs to be reported on Form 3800 Part III as a credit from a pass-through entity from Form 7213 Part II. (TaxSlayer ProWeb doesn't yet support adding this credit to Form 3800 when passed through on Schedule K-1.)
13B Production from advanced nuclear power facilities credit - An amount reported in Box 13, Code B represents the allowable credit for production from advanced nuclear power facilities. This amount needs to be reported on Form 3800 Part III as a credit from a pass-through entity from Form 7213 Part III. (TaxSlayer ProWeb doesn't yet support adding this credit to Form 3800 when passed through on Schedule K-1.)
13C Low Income Housing Credit (section 42(j)(5)) post-2007
13D Low Income Housing Credit (other) post-2007 - An amount reported in Box 13, Code C represents an allowable low income housing credit. This amount needs to be reported on Form 3800 Part III as a credit from a pass-through entity from Form 8586. Enter this information in the Form 8586 menu under "Credit from pass-through entities".
13E Qualified rehabilitation expenditures (rental real estate) - An amount reported in Box 13, Code E represents a taxpayer's share of qualified rehabilitation expenditures. The S corporation should have included with the Schedule K-1 a statement with the information you need to complete Form 3468.. The taxpayer's share of qualified rehabilitation expenditures from property not related to rental real estate activities will be reported in Box 17, Code C. If the S corporation is reporting expenditures from more than one activity, the attached statement will separately identify the expenditures.
13F Other rental real estate credits - An amount reported in Box 13, Code F will be identified by the corporation as to the type of credit and any other information the taxpayer may need to determine these rental real estate credits. Report this credit activity on Form 8582-CR.
13G Other rental credits - An amount reported in Box 13, Code G will be identified by the corporation as to the type of credit and any other information the taxpayer may need to determine these rental credits. Report this credit activity on Form 8582-CR.
13H Undistributed Capital Gains Credit - An amount reported in Box 13, Code H represents taxes paid on undistributed capital gains by a RIC or REIT. This tax paid is reported on Form 2439.
13I Biofuel producer credit - An amount reported in Box 13, Code I represents the Biofuel Producer Credit. This credit is reported on Form 6478, entered as a credit from a passthrough entity.
13J Work opportunity credit - An amount reported in Box 13 Code J represents the Work Opportunity Credit. This credit is reported on Form 5884, entered as a credit from a passthrough entity.
13K Disabled access credit - An amount reported in Box 13, Code K represents the Disabled Access Credit. This credit is reported on Form 8826, entered as a credit from a passthrough entity.
13L Empowerment Zone Community Credit - An amount reported in Box 13, Code L represents the Empowerment Zone Employment Credit. This credit is reported on Form 8844, entered as a credit from a passthrough entity.
13M Credit for increasing research activities - An amount reported in Box 13, Code M represents the Credit for Increasing Research Activities. This credit is reported on Form 6765, entered as a credit from an S corporation.
13N Credit for employer social security & Medicare taxes - An amount reported in Box 13, Code N represents a Credit for Employer Social Security & Medicare Taxes Paid on Certain Employees. This credit is reported on Form 8846, entered as a credit from a passthrough entity.
13O Backup Withholdings - An amount reported in Box 13, Code O represents a taxpayer's share of the credit for backup withholdings on dividends, interest income, and other types of income. This amount will flow to Form 1040, and a statement will be attached to the return that identifies the S corporation's name, address, EIN, and the backup withholding amount.
13P Qualifying Advanced Coal Project Credit or Qualifying Gasification Project Credit - An amount reported in Box 13, Code P represents the unused investment credit from the qualifying advanced coal project credit or qualifying gasification project credit allocated from cooperatives. Report this amount on Form 3468, Part II. You'll need to complete Part I of Form 3468, entering information about the facility that the S corporation should have provided to the taxpayer-shareholder. After completing Part I, enter the credit in Part II under "Unused Investment Credit from Cooperatives".
13Q Qualifying Advanced Energy Project Credit - An amount reported in Box 13, Code Q represents the unused investment credit from the qualifying advanced energy project credit allocated from
cooperatives. Report this amount on Form 3468, Part III. You'll need to complete Part I of Form 3468, entering information about the facility that the S corporation should have provided to the taxpayer-shareholder. After completing Part I, enter the credit in Part III, Qualifying Advanced Energy Project Credit Under Section 48C, under "Unused Investment Credit from Cooperatives".
13R Advanced Manufacturing Investment Credit - An amount reported in Box 13, Code R represents the unused investment credit from the advanced manufacturing investment credit allocated
from cooperatives. Report this amount on Form 3468, Part IV. You'll need to complete Part I of Form 3468, entering information about the facility that the S corporation should have provided to the taxpayer-shareholder. After completing Part I, enter the credit in Part IV, Advanced Manufacturing Investment Credit Under Section 48D, under "Unused Investment Credit from Cooperatives".
13T Energy Credit - An amount reported in Box 13, Code T represents the unused investment credit from the energy credit allocated from cooperatives. Report this amount on Form 3468, Part VI. You'll need to complete Part I of Form 3468, entering information about the facility that the S corporation should have provided to the taxpayer-shareholder. After completing Part I, enter the credit in Part VI, Energy Credit Under Section 48, under "Unused Investment Credit from Cooperatives".
13U Rehabilitation Credit - An amount reported in Box 13, Code T represents the unused investment credit from the rehabilitation credit allocated from cooperatives. Report this amount on Form 3468, Part VII. You'll need to complete Part I of Form 3468, entering information about the facility that the S corporation should have provided to the taxpayer-shareholder. After completing Part I, enter the credit in Part VII, Rehabilitation Credit Under Section 47, under "Unused Investment Credit from Cooperatives".
13V Advanced Manufacturing Production Credit - An amount reported in Box 13, Code V represents the the amount of allocable Advanced Manufacturing Production Credit. This credit is reported on Form 7207, entered as a credit from a passthrough entity.
13Y Clean Hydrogen Production Credit - An amount reported in Box 13, Code Y represents the Clean Hydrogen Production credit allocable to the taxpayer. This credit is reported on Form 7210, entered as a credit from a passthrough entity.
13Z Orphan Drug Credit - An amount reported in Box 13, Code Z represents the amounts of the Orphan Drug Credit allocable to the taxpayer. This credit is reported on Form 8820, entered as a credit from a passthrough entity.
13AA Enhanced Oil Recovery Credit - An amount reported in Box 13, Code AA represent the amounts of the Enhanced Oil Recovery Credit allocable to the taxpayer. This credit is reported on Form 8830, entered as a credit from a passthrough entity.
13AB Renewable Electricity Production Credit - An amount reported in Box 13, Code AB represents the amount of the Renewable Electricity Production Credit allocable to the taxpayer. The S corporation will provide a statement showing the allocation of the credit for production during the 4-year period beginning on the date the facility was placed in service and for production after that period. This credit is reported on Form 8830, entered as a credit from a passthrough entity.
13AC Biodiesel, Renewable Diesel, or Sustainable Aviation Fuels Credit - An amount reported in Box 13, Code AC represents the amount of the Biodiesel, Renewable Diesel, or Sustainable Aviation Fuels Credit allocable to the taxpayer. If this credit includes the small agri-biodiesel producer credit or the sustainable aviation fuels credit, the corporation will provide additional information on an attached statement. If no statement is attached, report this amount on Form 8864. If a statement is attached, see the instructions for Form 8864.
13AD New Markets Credit - An amount reported in Box 13, Code AD represents the amount of the New Markets Credit allocable to the taxpayer. Report this amount on Form 8874, New Markets Credit, or Form 3800, Part III, 1i.
13AE Credit for Small Employer Pension Plan Startup Costs - An amount reported in Box 13, Code AE represents the amounts of the Credit for Small Employer Pension Plan Startup Costs allocable to the taxpayer. Report this amount on Form 8881, Part I, or Form 3800, Part III, 1j.
13AF Credit for Small Employer Auto-Enrollment - An amount reported in Box 13, Code AF represents the amounts of the Credit for Small Employer Auto-Enrollment allocable to the taxpayer. Report this amount on Form 8881, Part II, or Form 3800, Part III, 1dd.
13AG Credit for Military Spouse Participation - An amount reported in Box 13, Code AG represents the amounts of the Credit for Military Spouse Participation allocable to the taxpayer. Report this amount on Form 8881, Part III, or Form 3800, Part III, 1ee.
13AH Credit for Employer-Provided Childcare Facilities and Services - An amount reported in Box 13, Code AH represents the amount of the Credit for Employer-Provided Childcare Facilities and Services allocable to the taxpayer. This credit expired after tax year 2017. For tax years 2017 and prior, report this amount on Form 8882 or Form 3800, Part III, 1k.
13AI Low Sulfur Diesel Fuel Production Credit - An amount reported in Box 13, Code AB represents the amounts of the Low Sulfur Diesel Fuel Production Credit allocable to the taxpayer. This credit expired after tax year 2019. For tax years 2019 and prior, report this amount on Form 8896 or Form 3800, Part III, 1m.
13AJ Qualified Railroad Track Maintenance Credit - An amount reported in Box 13, Code AJ represents the amounts of the Qualified Railroad Track Maintenance Credit allocable to the taxpayer. Report this amount on Form 8900 or Form 3800, Part III, line 4g.
13AK Credit for Oil and Gas Production From Marginal Wells - An amount reported in Box 13, Code AK represents the amounts of the Credit for Oil and Gas Production From Marginal Wells allocable to the taxpayer. Report this amount on Form 8904 or Form 3800, Part III, 1bb.
13AL Distilled Spirits Credit - An amount reported in Box 13, Code AL represent the amount of the Distilled Spirits Credit allocable to the taxpayer. Report this amount on Form 8906 or Form 3800, Part III, line 1n.
13AM Energy Efficient home Credit - An amount reported in Box 13, Code AM represent the amount of the Energy Efficient Home Credit allocable to the taxpayer. Report this amount on Form 8908 or Form 3800, Part III, 1p.
13AN Alternative Motor Vehicle Credit - An amount reported in Box 13, Code AN represents the amount of the Alternative Motor Vehicle Credit allocable to the taxpayer. This credit expired after tax year 2022. For tax years 2022 and prior, report this amount on Form 8910.
13AO Alternative Fuel Vehicle Refueling Property Credit - An amount reported in Box 13, Code AO represents the amount of the Alternative Fuel Vehicle Refueling Property Credit allocable to the taxpayer. Report this amount on Form 8911, Part II, or Form 3800, Part III, line 1s.
13AP Clean Renewable Energy Bond Credit - An amount reported in Box 13, Code AP represents the amount of the Clean Renewable Energy Bond Credit allocable to the taxpayer. Report this amount on Form 8912.
13AQ New Clean Renewable Energy Bond Credit - An amount reported in Box 13, Code AQ represents the amount of the New Clean Renewable Energy Bond Credit allocable to the taxpayer. Report this amount on Form 8912.
13AR Qualified Energy Conservation Bond Credit - An amount reported in Box 13, Code AR represents the amount of the Qualified Energy Conservation Bond Credit allocable to the taxpayer. Report this amount on Form 8912.
13AS Qualified Zone Academy Bond Credit - An amount reported in Box 13, Code AS represents the amount of the Qualified Zone Academy Bond Credit allocable to the taxpayer. Report this amount on Form 8912.
13AT Qualified School Construction Bond Credit - An amount reported in Box 13, Code AT represents the amount of the Qualified School Construction Bond Credit allocable to the taxpayer. Report this amount on Form 8912.
13AU Build America bond credit - An amount reported in Box 13, Code AU represent the amount of the Build America Bond Credit allocable to the taxpayer. Report this amount on Form 8912.
13AV Credit for Employer Differential Wage Payments - An amount reported in Box 13, Code AV represents the amount of the Credit for Employer Differential Wage Payments allocable to the taxpayer. Report this amount on Form 8932 or Form 3800, Part III, 1w.
13AW Carbon Oxide Sequestration Credit - An amount reported in Box 13, Code AW represents the amount of the Carbon Oxide Sequestration Credit allocable to the taxpayer. Report this amount on Form 8933 or Form 3800, Part III, 1x.
13AX Carbon Oxide Sequestration Credit recapture - An amount reported in Box 13, Code AX represents the amount Carbon oxide sequestration credit recapture allocable to the taxpayer. The corporation will provide any information needed to figure the recapture tax. Report the carbon oxide sequestration credit recapture on Form 8933, Part III, Section D, line 22.
13AY New Clean Vehicle Credit - An amount reported in Box 13, Code AY represent the amount of the New Clean Vehicle Credit allocable to the taxpayer. Report this amount on Form 8936, Part II, or Form 3800, Part III, 1y.
13AZ Qualified Commercial Clean Vehicle Credit - An amount reported in Box 13, Code AZ represents the amount of the qualified commercial clean vehicle credit allocable to the taxpayer. Report this amount on Form 8936, Part V, or Form 3800, Part III, 1aa.
13BA Credit for Small Employer Health Insurance Premiums - An amount reported in Box 13, Code BA represents the amount of the Credit for Small Employer Health Insurance Premiums allocable to the taxpayer. Report this amount on Form 8941 or Form 3800, Part III, line 4h .
13BB Employer Credit for Paid Family and Medical Leave - An amount reported in Box 13, Code BB represents the amount of the Employer Credit for Paid Family and Medical Leave allocable to the taxpayer. Report on Form 8994 or Form 3800, Part III, line 4j.
13BC Eligible Credits from Transferor(s) Under Section 6418 - An amount reported in Box 13, Code BC represents the amount of the Eligible Credits from Transferor(s) Under Section 6418 allocable to the taxpayer. On a statement attached to Schedule K-1, the corporation will identify the type of transferred credits and any other information the taxpayer needs for their tax return. Report this amount on Form 3800. See the Instructions for Form 3800, Parts III and V, for additional information.
13ZZ Other Credits - An amount reported in Box 13, Code ZZ will be identified by the corporation as to the type of credit and any other information the taxpayer needs to determine the treatment of these credits. Generally, you are not required to complete the source credit form if the taxpayer is an individual and their only source for a credit listed in Form 3800, Part III, is from a partnership, S corporation, estate, trust, or cooperative.
Box 15 Alternative Minimum Tax Items
15A Post 1986 Depreciation Adjustment - This amount represents the taxpayer's post-1986 depreciation adjustment. This amount will automatically pull to line 2l of Form 6251.
15B Adjusted Gain or Loss - This amount represents the taxpayer's adjusted gain or loss. This amount will automatically pull to line 2k of Form 6251.
15C Depletion (other than gas & oil) - This amount represents the taxpayer's depletion adjustment. This amount will automatically pull to line 2d of Form 6251.
15D 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 corporation should have attached a statement that shows any income allocable to such properties that are included in boxes 2 through 12, 16, and 17 of Schedule K-1. The taxpayer should use the amount reported and any amounts on any attached statement to determine the net amount to enter on line 2t of Form 6251.
15E 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 corporation should have attached a statement that shows any deductions allocable to such properties that are included in boxes 2 through 12, 16, and 17 of Schedule K-1. The taxpayer should use the amount reported and any amounts on any attached statement to determine the net amount to enter on line 2t of Form 6251.
15F Other AMT Items - An amount reported in Box 15 using code F are items that should be reported on Form 6251 based on the information provided by the corporation. See the shareholder's instructions provided by the corporation for further information on the treatment that these items will receive.
Box 16 Items Affecting Shareholder Basis
16A Tax exempt interest income -
16B Other tax exempt income -
16C Nondeductible Expenses -
16D Distributions (excluding dividend income) -
Box 17 Other Information
17A Investment Income - The amount reported in Box 17, Code A is the taxpayer's share of investment income (interest, dividends, etc.) from the corporation. This income should have been recognized elsewhere on this K-1 in the Income items. The amount in Box 17, code A is provided for informational reasons only. No amount entered in this field will flow to Form 4952 or to Form 1040, Schedule B. However, the amounts entered elsewhere for interest, dividends, etc., will flow to Form 4952.
17B 1Investment Expenses - The amount reported in Box 17, Code B may need to be reported on Form 4952, Line 5. No amount entered in this field will automatically flow to the Form 4952.
V Section 199A Income - The amount reported in Box 17, Code V is Qualified Business Income. This amount will automatically pull to Form 8995 or Form 8995-A to be used in the calculation of QBID.
Section 199A W-2 Wages - Section 199A W-2 wages are the wages paid by the corporation that were reported to the Social Security Administration on a W-2. The amount entered is used in the calculation of the QBID for taxpayers above the taxable income thresholds.
Section 199A Unadjusted Basis - This amount represents the unadjusted basis of qualified property held by the corporation. The amount entered is used in the calculation of the QBID for taxpayers above the taxable income thresholds.
Section 199A REIT Dividends - This amount represents the REIT dividends received by the corporation. This amount is used in the calculation of the QBID.
17AA 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. See Form 8990, Limitation on Business Interest Expense Under Section 163(j).
17AB 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. See Form 8990, Limitation on Business Interest Expense Under Section 163(j).
17AN Farming and fishing income - An amount reported in Box 17, Code AN, for individual shareholders is reported as an item of information, on Schedule E (Form 1040), Part V, line 42. This entry is not supported in ProWeb except using the Part V menu under rental property, if any, being reported on Schedule E.
Line 17ZZ Other Information - Box 17, Code ZZ are other items of information not found elsewhere on the Schedule K-1 (Form 1120-S). The taxpayer should receive instructions from the corporation needed to address the items contained in this box.
Note: This is a guide on entering Schedule K-1 (Form 1120-S) into the TaxSlayer program. This is not intended as tax advice.
Additional Information:
Shareholder’s Instructions for Schedule K-1 (Form 1120-S)
ProWeb - Form 1040 - Schedule K-1 (Form 1120-S) - Overview
ProWeb - Form 1040 - Schedule K-1 (Form 1120-S) - Entity Information