Drake Tax - 1040 - K1P Box 20 Code AG

There is no selection for Code AG on the K1P screen, box 20. Code AG is used to report gross receipts for section 448(c). A partner needs this information to help determine if they are required to file Form 8990 (the gross receipts test). The partner will use this amount when answering the question "Filer has average annual gross receipts less than $__million for the three prior years" on screen 8990 in the 1040 return. If Form 8990 is not required on the return, the code is for informational purposes only.

For more information, see:

• Form 8990 Instructions

• 1065 Schedule K-1 Instructions

• IRS FAQs Regarding the aggregation rules under Section 448C