Where do I find the screen to enter Code Section P for Schedule K-1 and when do I need to disclose this information?
You'll need to sign in or create an account to connect with an expert.
Code P for which type of K-1 and which Line?
Form 1065. Schedule K-1's are showing Line 20 Other Information as Code P Section 453A(c). Where do you input this code. Not sure this is correct.
Turbo tax does not handle this code directly. box 20 is for informational purposes. some have to be entered elsewhere others can be ignored. this can not 453A(c) is interest (really an added tax) on deferred tax from installment sale over $150,000. the amount goes on schedule 2 line 8 and is label as 453A(c).
in step-by-step mode, it is under other tax situations
then misc tax forms
then additional tax and repayments
then (2nd screen) other taxes
where you should see a box for this
not sure which version of turbo tax you're using so these directions may not be correct.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
kijac
New Member
Duderino107
New Member
cristy_2604
New Member
DSG4
New Member
bonitacarrie
New Member