This article focuses solely on the entry of the Alternative Minimum Tax items which are found on Box 15 of the Schedule K-1 (Form 1120S) Shareholder’s Share of Income, Deductions, Credits, etc. For additional information regarding the requirements for Schedule K-1 (Form 1120S), see: Shareholder’s Instructions for Schedule K-1 (Form 1120S).
To enter the Alternative Minimum Tax items from a K-1 (Form 1120S) in Keystone Tax Solutions Pro from the Main Menu of the Tax Return (Form 1040) select:
- Income Menu
- Rents, Royalties, Entities (Sch E, K-1, 4835, 8582)
- K-1 Input – Select ‘New’ and double-click on Form 1120S K-1 S Corporation which will take you to the K-1 Heading Information Entry Menu. If the initial K-1 entry was previously keyed in, double click on the entry in the K-1 pick list.
After entering all of the information required on the K-1 Heading Information screen, select ‘OK’. The K-1 1120S Edit Screen has two distinct sections entitled ‘Heading Information’ and ‘Income, Deductions, Credits, and Other Items.’
Alternative Minimum Tax (AMT)
Line 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.
Line 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.
Line 15C – Depletion (Other than Oil & Gas) – This amount represents the taxpayer’s depletion adjustment. This amount will automatically pull to line 2d of Form 6251.
Line 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 amounts reported and any amounts on any attached statement to determine the net amount to enter on line 2t of Form 6251.
Line 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 amounts reported and any amounts on any attached statement to determine the net amount to enter on line 2t of Form 6251.
Line 15F – 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. No items contained in this field will automatically flow to the Form 1040. See the shareholder’s instructions provided by the corporation for further information on the treatment that these items will receive.
See: Instructions for Form 6251 – Alternative Minimum Tax – Individuals.
NOTE: This is a guide on entering the Alternative Minimum Tax (AMT) items from Schedule K-1 (Form 1120S) into the tax program. This is not intended as tax advice.
Additional Resources
Shareholder’s Instructions for Schedule K-1 (Form 1120S)
Schedule K-1 (Form 1120S) – Overview
Schedule K-1 (Form 1120S) – Heading Information
Schedule K-1 (Form 1120S) – Income (Loss) Items
Schedule K-1 (Form 1120S) – Deductions
Schedule K-1 (Form 1120S) – Credits & Foreign Transactions
Schedule K-1 (Form 1120S) – Items Affecting Shareholders Basis