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Aggiedave
Returning Member

K-1 Box 20 "dollar amount"

Filling out my K-1 I have a problem. After I've entered everything from my K-1, I get to a screen titled "Enter Box 20 Other Information Amounts". I'm asked, "Fill in the dollar amount of the credit reported on box 20 of your Schedule K-1. In Box 20 for "Other" have entries for:

 

ZZ1 - Section 951A Income Inclusion - 10% Shareholders

ZZ2 - Tested Foreign Income Taxes - 10% Shareholders

ZZ3 - Dividends Eligible for IRC Section 243

ZZ4 - Dividends Eligible for IRC Section 245A

ZZ5 - U.S Obligation interest in box 11

 

What "dollar amount" are they asking for? Am I supposed to add all those up? Just some of them? I have no idea because TT simple asks for the "dollar amount".

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4 Replies

K-1 Box 20 "dollar amount"

Did you get a separate statement from the partnership?

 

@Mike9241 

Aggiedave
Returning Member

K-1 Box 20 "dollar amount"

I don't think so. I got a "tax package" that has the K1 and K3 together. It all came together as a single package, so there was not a separate statement. 

K-1 Box 20 "dollar amount"

Wait for Champ @Mike9241's response.

K-1 Box 20 "dollar amount"

ZZ1 - Section 951A Income Inclusion - 10% Shareholders

ZZ2 - Tested Foreign Income Taxes - 10% Shareholders

ZZ3 - Dividends Eligible for IRC Section 243

ZZ4 - Dividends Eligible for IRC Section 245A

ZZ5 - U.S Obligation interest in box 11

 

 

turbotax does not handle 20ZZ items. if applicable it's for you to enter on the appropriate form or schedule

However, the way I read 1 and 2 you would need to report these only if you were a 10% shareholder of a controlled foreign corporation that owned the partnership interest

items 3 and 4 are only applicable if the owner of the partnership interest is a corporation

as to 5 that's would only be needed if you have a personal state income tax. then entry would depend on the state because entry might be through the state k-1 or an entry elsewhere when you get to the state section

 

controlled foreign corporation

(1) In general For purposes only of taking into account related person insurance income— (A) the term “United States shareholder” means, with respect to any foreign corporation, a United States person (as defined in section 957(c)) who owns (within the meaning of section 958(a)) any stock of the foreign corporation, (B) the term “controlled foreign corporation” has the meaning given to such term by section 957(a) determined by substituting “25 percent or more” for “more than 50 percent”, and (C) the pro rata share referred to in section 951(a)(1)(A) shall be determined under paragraph (5) of this subsection.

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